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Your whole premise is WRONG. It all started with LACK OF OVERSIGHT!
De-regulation. McCain’s favorite past time is the problem. NOT OBAMA’S BLACK FOLKS in Chicago getting homes.
Hank Paulson made $500 Million during the past few years. What about that?? What did HE do to derserve $500 Million dollars? Wonder how many home $500 Million can buy?
Do you even realize how much money CEO’s and Hank Paulson friends STOLE from the US Tax payers? Let’s start with the folks in charge of overseeing this crap and stop blaming folks that are to this day being foreclosed on.
I guess it’s okay if it’s a WHITE dude ripping us off, but it’s MORE important to focus on the poor black folks in Chicago and blame them huh?
You can blame Acorn (Association of Community Organizations for Reform Now), or Carter for CRA (Community Reinvestment Act of 1977), or Clinton for initiatives that “pushed” for mortgages or assistance to low-income borrowers, but there is plenty of blame to go around. Bush has been in office 8 years & the Republicans were in control of both houses for 6 years! I think it will be crucial to find out exactly how much responsibility will be attributed to the lenders themselves. Did they push the envelope too far? How reckless were they? How much did their greed influence their lending practices? We just don’t know now, but time should tell. I don’t think the FBI is investigating these companies for the fun of it though (FBI investigating companies at heart of meltdown – http://www.newsweek.com/id/160555). Hopefully in the near future we’ll have a clearer picture of exactly how this happened & what we can do to avoid it from ever happening again. I think the crucial point to realize about this whole mess is… Why now? What has changed to contribute to everything falling apart in such a compacted time frame? Well, the dramatic rise over the last 8 years in fuel/energy costs, food, health care, the loss of jobs & stagnant wages have made it next to impossible for people to make their loan payments. The borrowers did not simply say “I don’t want to pay, so I’ll just default & lose my house.” People desperately want to stay in their homes. They just can’t afford them anymore. Bush’s economic policies in every criteria have been a complete disaster. McCain’s economic plan is a carbon copy of Bush’s. I think we can agree for sure on one thing though… We are in DEEP!
That is so true! I’m upset at Bush, Paulson, Frank and a few other idiots and crooks that were to be looking over this stuff.
You can find report after report where EVERYONE said that everything is ok and then we find out that we have three days to give up $700 Billion dollars or the sky is going to fall and they are begging the tax payers to save the world!
Then they add $150 billion more of crap and you guys want to blame OBAMA and the folks that are being foreclosed on??? Unbelievable!
@GamTrak 179184 wrote:
That is so true! I’m upset at Bush, Paulson, Frank and a few other idiots and crooks that were to be looking over this stuff.
You can find report after report where EVERYONE said that everything is ok and then we find out that we have three days to give up $700 Billion dollars or the sky is going to fall and they are begging the tax payers to save the world!
Then they add $150 billion more of crap and you guys want to blame OBAMA the folks that are being foreclosed on??? Unbelievable!
Exactly! We were hearing “everything is alright, nobody panic” then all of the sudden Bush is saying “everybody panic, but everything is going to be alright.” :1Dopey: Yea & the blame Obama, it’s his fault, is beyond absurd.
Am i really that bad at reading? I looked thru your article on ACORN Richard, and i don’t see where they forced any mortgages. The article basically attacks them for being socialist, populist and anti business, but nothing about how ACORN brought down wallstreet.
3 Years ago fannie mae and freddie mac weren’t buying interest only, adjustable rate mortages,
By Annys Shin
Washington Post Staff Writer
Thursday, May 12, 2005; Page E04Mortgage financing giant Fannie Mae said yesterday that its share of the mortgage-related securities market dropped from 45 percent in 2003 to 29 percent in 2004 because of the growing popularity of adjustable-rate mortgages, according to a filing with the Securities and Exchange Commission.
…..
To a point, housing finance experts agreed with Fannie that its drop in market share was attributable to the proliferation of adjustable-rate mortgages. They noted that Fannie typically does not buy adjustable-rate loans from retail mortgage lenders because the lenders generally do not want to sell them.
http://www.washingtonpost.com/wp-dyn/content/article/2005/05/11/AR2005051102030.html
By David S. Hilzenrath
Washington Post Staff Writer
Tuesday, August 19, 2008; Page D01In January 2007, as years of loose mortgage lending were about to send the nation’s housing market into devastating decline, Fannie Mae chief executive Daniel H. Mudd wrote a confidential memo to his board.
Discussing the company’s successes, Mudd said one of Fannie Mae’s achievements in 2006 was expanding its involvement in the market for subprime and other nontraditional mortgages. He called it a step “toward optimizing our business.”
A month later, Fannie Mae outlined plans to further expand its activities in the subprime market. The company recognized the already weak performance of subprime loans but predicted that they would get better in 2007, according to another Fannie Mae document.
Internal documents show that even late in the housing bubble, Fannie Mae was drawn to risky loans by a variety of temptations, including the desire to increase its market share and fulfill government quotas for the support of low-income borrowers.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/18/AR2008081802111.html
So there we see in the last 2 years, suddenly fannie mae and freddie mac were pushed into buying this crap by their need to grow their business and their belief that it met their mandate to help low-income borrowers. So we finally have a link to CRA, 31 years old and finally, for the last couple of years, it was able forced Fannie and Freddie to buy crap. Let’s forget about the motivation to grow their shrinking market share, that they a publicly traded stock and management get’s pain based on stock performance.
“Frannie” were the last into to this BS before it blew up. Goldman Sacks started selling out in January 2007(maybe to Frannie), CountryWide started to collapse spring of 2007, Bear Stearns hedge fund in Summer 2007. Last i checked the Executive Branch (White House) runs the government, the treasury department, federal reserve, etc. So democrats, finally after 25+ years of CRA meaning nothing more but hostile Congressional hearings, pushed the White House into giving all the money away to poor people who blew it on McMasions? Damn Democrats, Damn Obama.
Not to derail the thread, but since deregulation is a hot topic right now… The Enron collapse, which happened on Bush’s watch, is a perfect example of the perils of deregulation/lack of oversight. If you want to see an excellent movie, which gives a clear perspective of how the Enron collapse was enabled, I’d highly suggest watching the documentary – Enron: The Smartest Guys in the Room – One of my favorite movies
@AmCan 179188 wrote:
Goldman Sacks started selling out in January 2007(maybe to Frannie), CountryWide started to collapse spring of 2007, Bear Stearns hedge fund in Summer 2007. Last i checked the Executive Branch (White House) runs the government, the treasury department, federal reserve, etc.
Thanks Fred!
It’s kind of hard to dispute the truth/history when you break it down like that.
I want to know exactly how much the CEO’s like Paulson made in this mess. IMO they should be in jail for letting our coutry get to this point!
Oops, my mistake. I did not realize that Obama represented ONLY the black folks and not everyone in Chicago! Sorry, about that.
If you want to do what you say about getting the people that were suppose to oversee Fannie & Freddie, then you really want Dodd and Frank since they were warned by severasl people in the past years including Paulson.Hey Bleuze – When you have a chance could you please post a link to the site that you found the list of “backers” of Obama that you listed in an earlier post? I’m curious what the source of that information is. Thanks!
Erik;179193 wrote:Hey Bleuze – When you have a chance could you please post a link to the site that you found the list of “backers” of Obama that you listed in an earlier post? I’m curious what the source of that information is. Thanks!Yeah, me too… I’d love to see the source of that list and how they put it together.
There seemed to be an awful lot of terrorist organisations there, but at the very least it’s good to see that, despite their sworn hatred of western Demogracy and values, that they are conscientious enough to employ the sound book-keeping practices that allowed the sources of these donations to be traced all the way back to them. A lesson there for all affiliates, I feel
So, whilst we don’t know where Osama is – we do know who he banks with. Now all we have to do is wait till he visits an ATM, then BOOM! That’s when we pounce!
@bleuze 179192 wrote:
Oops, my mistake. I did not realize that Obama represented ONLY the black folks and not everyone in Chicago! Sorry, about that.
The MAJORITY of the folks are though.
Incase you didn’t know that, I got there picture from thier website.
ACORN, the Association of Community Organizations for Reform Now, is the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities.
====================================
Hank Paulson’s Wall Street Days:
As Goldman’s chief, Paulson received an $18.7 million cash bonus for the first half of 2006, and in 2005 he was the highest paid chief executive officer on Wall Street, reaping $38.3 million in salary, stock and options. He also accumulated 3.23 million shares of Goldman’s common stock worth $492 million, plus restricted shares worth $75.2 million and options to purchase 680,474 shares, according to a Goldman regulatory filing on July 2, 2006.
He sold stuff when he took the Treasury job:Paulson sold his 3.23 million shares in Goldman, worth about $500 million at the time, when he took the Treasury job, according to regulatory filings. He was exempted from paying capital gains tax on the sale of those stakes under a rule meant to avoid penalizing wealthy people who take government jobs and are forced to sell assets.
Paulson also sold about $25 million of holdings in a Goldman fund whose sole asset was a stake in Industrial & Commercial Bank of China, the world’s largest publicly traded financial institution.
@HodgeyBoy 179203 wrote:
There seemed to be an awful lot of terrorist organisations there,
Since McCain is still falling behind in the polls they are very desparate and low on campaign money.
In March, the Obama campaign raised some $40 million, putting their overall total for the quarter in the range of $130 million.
McCain, on the other hand, could only manage to bring in $15 million for the month — including just $4 million from the grassroots — moving his overall haul for 2008 to under $40 million.
In other words, McCain couldn’t raise in three months what Obama was able to raise just this past months.
Now you will start to see the SMEAR and FEAR OBAMA campaign for the next 30 days.
I’m waiting for them to call him the next Anti-Christ.
the SNL version of the VP Debate, get it before it’s banned.
My favorite part is “Biden’s” closing speech where he explains how he nailed it.
official NBC copy
@Erik 179181 wrote:
Bush has been in office 8 years & the Republicans were in control of both houses for 6 years!
Actually it’s more like 12 years, with Cheney the tie breaker in the Senate.
You can find report after report where EVERYONE said that everything is ok and then we find out that we have three days to give up $700 Billion dollars or the sky is going to fall and they are begging the tax payers to save the world!
It’s more likely than not that any documents Frank and whom ever looked at were sugar coated. In any event, no credit means no players which means our livelihood gets quicksanded.
It appears a recession or worse is clearly on the horizon if it’s not already here so it may be wise to save any commissions.
The job market is a lagging indicator and friday’s number were’t too encouraging. The economy needs to create about 100,000 jobs each month to keep up with the number of new workers entering the work force. Things are a little different this time around with oil at $100 bucks a barrel.
You can blame Acorn, or Carter, or Clinton for initiatives that “pushed” for mortgages or assistance to low-income borrowers, but there is plenty of blame to go around.
there seems to be more to this than Acorn, Carter, or Clinton initiatives to me anyway as there seems to a problem with the timeline.
jmho
here is an interesting story about elliott spitzer getting busted with call girls. the assumption was that it wasn’t related to the “Bush administration’s high moral standards for public servants”
Spitzer had become increasingly public in blaming the Bush administration for the subprime crisis. He testified in mid-February before the US House of Representatives Financial Services subcommittee and later that day, in a national CNBC interview, laid blame squarely on the administration for creating an environment ripe for predatory lenders.
http://www.projectcensored.org/top-stories/articles/25-bushs-real-problem-with-eliot-spitzer/ . its an interesting read. probably not going to be liked by bush fans though.
this story is part of a bigger compilation of 25 most censored stories in the last year in USA. i dont think it applies globally though…
edit: staying on topic of sarah palin, just came across an article that palin winked at the audience (seriously, no kidding) during the VP debate.http://www.sott.net/articles/show/166937-Sarah-Palin-Flirting-her-way-to-victory
whats going on in that camp? reminds me of that bill hicks revelations show, where he says:
Go back to bed, America. Your government has figured out how it all transpired. Go back to bed, America. Your government is in control again. Here. Here’s American Gladiators. Watch this, shut up. Go back to bed, America. Here is American Gladiators. Here is 56 channels of it! Watch these pituitary retards bang their fucking skulls together and congratulate you on living in the land of freedom. Here you go, America! You are free to do what we tell you! You are free to do what we tell you!
