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Post by The Great Aztec Joe on Nov 7, 2011 14:59:12 GMT -8
The sad reality is that the Republiscam Administration that was in power from 2001 to 2009 created the outrageous housing crisis and the ensuing economic collapse.  When it comes to corruption in the housing industry the corrupt bankers looked for loopholes in the existing legislation and veted it through their lawyers who said,"Yep, you could bend the rules that much because there have been no court cases that would determine the limits of the interpretation of the legislation." The courts always decide that, not the legislature members. "Until those court decisions come down you can rape the system for all it is worth and then some." they were told. The greedy shyster Republiscam Bankers wringed their greedy hands in glee as they set out to fleece the poorer classes. As an excuse, they had rehearsed their mantra and they said it over and over and over again until it became second nature: " Now Look What You Made Me Do!" |
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Post by davdesid on Nov 7, 2011 15:20:55 GMT -8
The sad reality is that the Republiscam Administration that was in power from 2001 to 2009 created the outrageous housing crisis and the ensuing economic collapse. Sorry. You lose. If the "republiscam" administration was culpable in any of this, it was because they were too timid in trying to do something about a destructive program put in place by the Demagogues. "FDIC warned banks that even unintentional discrimination was against the law, and that they should be proactive in making "multicultural" loans. "An ounce of prevention is worth a pound of cure," the agency said in a separate advisory."
"Confronted with the combined force of 10 federal regulators, lenders naturally toed the line, and were soon aggressively marketing subprime mortgages in urban areas. The marching orders threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide."Read the whole thing.... news.investors.com/Article/589858/201110310805/Housing-Crisis-Obama-Clinton-Subprime.htm |
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Post by The Great Aztec Joe on Nov 8, 2011 6:23:44 GMT -8
Note that the excessive out of control lending was happening in the 2004 - 2007 time period on the chart. The corrupt Republiscams were assured of their reelection because their foolish banking policies had given an artificial boost to the economy. That boost did not last through the second Bush term and the collapse started in late 2007.
The Big Bankers, of course, were all walking around in late 2007 with sheet eating grins on their faces and were all repeating the Mad Magazine mantra, "What, Me Worry?"
They had noting to worry about as the Big Banks would be saved by the government, and there would always be banking jobs available. Screw the common man and rejoice. Rape the government and rejoice.
They had nothing to worry about. Because of their corruption they had their million dollar bonuses and millions salted away in secure investments waiting for the economic bubble to burst so they could buy stocks and houses at fifty cents on the dollar.
Good times for the Republiscam Bankers and Bad Times for the common people.
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Post by davdesid on Nov 8, 2011 17:15:40 GMT -8
The simple fact of the matter is that if the Bush administration wanted to do anything about this they had ample time to do so. Nothing was done. All of those sons of bitches need to be tried for Treason against the American Way. Then just punishment needs to be served. They should be, for sure. Right after the filthy Demagogues who created the destructive policy. pjmedia.com/instapundit/131238/ |
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Post by The Great Aztec Joe on Nov 10, 2011 6:23:10 GMT -8
The simple fact of the matter is that if the Bush administration wanted to do anything about this they had ample time to do so. Nothing was done. All of those sons of bitches need to be tried for Treason against the American Way. Then just punishment needs to be served. They should be, for sure. Right after the filthy Demagogues who created the destructive policy. pjmedia.com/instapundit/131238/ It was only destructive because it was horribly abused by the banking industry. The intent was to stop discrimination that was statistically obvious. Blacks and Hispanics who had the income were being denied the opportunity to buy houses. Legislation was passed to stop that outright discrimination. The Republiscam Bankers then used the opportunity to fleece the public and the international banking system by selling way too many loans that were not viable. They knew what they were doing and laughed about it as they bought their yachts and sports cars with the ill-gotten money while they waited for the world economy to collapse. This is a perfect example of excessive Republiscam Greed. Greed so oppressive that it destroyed lives and families and led to suicide and divorce. The Republiscams did not care because if they drove their own banks into insolvency the Federal Government would bail them out. If they destroyed the lives of the lower classes they did not care because the lower classes were just sub-humans who were there to be fleeced. |
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Post by The Great Aztec Joe on Nov 10, 2011 6:45:57 GMT -8
"Junior, Why in the hell did you throw that rock through the neighbor's picture window? Why!?"
"Tommy dared me to do it, Dad. I did not want to, but he dared me and offered to pay me a dollar, so I did it."
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Post by aztecwin on Nov 11, 2011 6:08:45 GMT -8
Freddie and Fannie need to be dismantled and any useful functional passed to the private sector. Dodd Frank needs to be repealed at the same time.
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Post by davdesid on Nov 11, 2011 13:02:42 GMT -8
"Junior, Why in the hell did you throw that rock through the neighbor's picture window? Why!?" "Tommy dared me to do it, Dad. I did not want to, but he dared me and offered to pay me a dollar, so I did it." Tommy and his gang of thugs told me if I didn't do it, they would burn our house down, Dad. I didn't want to, but I was afraid of what they would do to us. FIFY |
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Post by aztec70 on Nov 11, 2011 23:28:27 GMT -8
On the other hand there are some great buys on repos. If you have some money, and can take the risk, a lot of money can be made in times like this.
Just saying.
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Post by The Great Aztec Joe on Nov 15, 2011 8:00:50 GMT -8
On the other hand there are some great buys on repos. If you have some money, and can take the risk, a lot of money can be made in times like this. Just saying. You are right. Our only fear is repeal of Prop 13. You know, if they did that it would probably drive housing prices even lower because people would be afraid of run away property taxes taking all of their income. In some states, property taxes are outrageous. |
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Post by The Great Aztec Joe on Nov 15, 2011 9:04:50 GMT -8
Freddie and Fannie need to be dismantled and any useful functional passed to the private sector. Dodd Frank needs to be repealed at the same time. Fannie and Freddy have been extremely usefull in our economy both present and past. The system works. What we need to dismantle is Republiscam Corruption. That has been institutionalized in the banking industry. |
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Post by aztecwin on Nov 15, 2011 19:07:50 GMT -8
Freddie and Fannie need to be dismantled and any useful functional passed to the private sector. Dodd Frank needs to be repealed at the same time. Fannie and Freddy have been extremely usefull in our economy both present and past. The system works. What we need to dismantle is Republiscam Corruption. That has been institutionalized in the banking industry. You are funny! |
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Post by The Great Aztec Joe on Nov 17, 2011 14:01:41 GMT -8
Fannie and Freddy have been extremely usefull in our economy both present and past. The system works. What we need to dismantle is Republiscam Corruption. That has been institutionalized in the banking industry. You are funny! Entertaining I am, but I am also 100% CORRECT. We need something like Fannie and Freddy. We might combine both of their functions into a new single entity that we could affectionately call Feddie. |
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Post by JOCAZTEC on Nov 17, 2011 17:52:01 GMT -8
You're right. Those staunch, flithy rich Republicans like Oprah Winfrey, Steven Speilberg, Diane Feinstein etc. are really fleecing the poor.
HAM
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Post by aztecwin on Nov 17, 2011 18:56:45 GMT -8
Entertaining I am, but I am also 100% CORRECT. We need something like Fannie and Freddy. We might combine both of their functions into a new single entity that we could affectionately call Feddie. Watch a CSPAN re-run of the Fannie Freddy hearings this morning. These guys defend the bonus system that is in place in a sorely failing program. This is really a sorry story. |
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Post by The Great Aztec Joe on Nov 20, 2011 10:48:59 GMT -8
Entertaining I am, but I am also 100% CORRECT. We need something like Fannie and Freddy. We might combine both of their functions into a new single entity that we could affectionately call Feddie. Watch a CSPAN re-run of the Fannie Freddy hearings this morning. These guys defend the bonus system that is in place in a sorely failing program. This is really a sorry story. Minor problems do not a whole program fail. What is the bonus system? You approach this just like the SDSU athletic directors approach a problem on the football team. There is no correction and there is no solution finding. All there is is termination. Fire The Coach University (FTCU) is totally consistent in that regard. |
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