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Started By
Message
re: Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 10:24 am to jamboybarry
Posted on 7/3/14 at 10:24 am to jamboybarry
quote:
Direct result of the Clinton presidency
FIFY
Fannie Mae and Freddie Mac were created under Clinton. The policy of forcing lenders to make home loans to people with no ability to pay them back was under Clinton. The Glass-Steagall Act which kept lending institutions and investment banks separate was repealed under Clinton, meaning that banks could re-bundle the mortgages into securities, rate them as safe, and then sell them on exchanges to municipal pension plans as safe investment products.
Bush on the other hand, repeatedly petitioned Congress to investigate Fannie and Freddie as well as to regulate those mortgage backed securities. Congress had that authority, NOT the president, and they refused to cooperate.
5
Posted on 7/3/14 at 10:24 am to The Third Leg
quote:
Lemme axe ya dis, if your wife died, and you learned she had racked up a few million in undisclosed debt that you were liable to repay, would that be her fault, or yours?
Does anyone speak Jive here?
Seriously, not a good analogy. President Bush and President Obama are not married (to the best of my knowledge). And the debt President Obama inherited was not undisclosed.
Other than those two fallacies and a problem with Jive translation, it was a mediocre post.
Congrats!
Posted on 7/3/14 at 10:24 am to The Third Leg
quote:
I don't know about that, but it's disingenuous to act as if the Bush administration didn't have a hand in the pot.
If we are going to lay this all at Obama's feet, Bush should share in the blame.
They're the same breed, different mask.
so it's Bush's fault that Obama decided to be worse than Bush
Posted on 7/3/14 at 10:25 am to kingbob
quote:
FIFY
I was being facetious
Posted on 7/3/14 at 10:25 am to kingbob
quote:
Congress had that authority, NOT the president, and they refused to cooperate.
Executive Order, duh. He missed his chance.
Posted on 7/3/14 at 10:26 am to Choctaw
quote:
so it's Bush's fault that Obama decided to be worse than Bush
Posted on 7/3/14 at 10:27 am to Holden Caulfield
Not at all, but I would empathize with the widowed and the fricked scenario he is in.
Lose/Lose.
Obama is a Plutocrat, first and foremost, as was Bush, as was Clinton, as is Clinton 2.0, who will be the first female POTUS.
Lose/Lose.
Obama is a Plutocrat, first and foremost, as was Bush, as was Clinton, as is Clinton 2.0, who will be the first female POTUS.
Posted on 7/3/14 at 10:28 am to SmackDaniels
Yahoo; dr
Posted on 7/3/14 at 10:30 am to Wolfhound45
It was an overly simplistic example, not a great analogy by any means. It holds water in the fact that much of what pains was largely unknown.
These two have given us what will be sixteen years of the same shite. Dial back to Clinton 1.0 and we are looking at strikingly similar domestic and international economic and military policies.
I think it's time to stop voting for all of them.
These two have given us what will be sixteen years of the same shite. Dial back to Clinton 1.0 and we are looking at strikingly similar domestic and international economic and military policies.
I think it's time to stop voting for all of them.
Posted on 7/3/14 at 10:31 am to kingbob
quote:
Fannie Mae and Freddie Mac were created under Clinton
Not quite. Fannie was a New Deal creation under Roosevelt and Freddie was started in 1970 under Nixon.
Posted on 7/3/14 at 10:34 am to kingbob
Bob, that shite is fricking retarded.
Nobody forced fricking banks to do shite. This was a profit scheme. Load the balance sheets with toxic assets, sell them off as grade A beef, and then when insurers collapse, the government has no choice but to bail them out. Do some reading on the complicit nature of the subprime lending practices, fraudulent documentation, etc. the banks never had hands forced to make these loans.
Wall Street is not some liberal enclave, it is a business hub and the political connectivity to DC is static, regardless of who is in charge.
Nobody forced fricking banks to do shite. This was a profit scheme. Load the balance sheets with toxic assets, sell them off as grade A beef, and then when insurers collapse, the government has no choice but to bail them out. Do some reading on the complicit nature of the subprime lending practices, fraudulent documentation, etc. the banks never had hands forced to make these loans.
Wall Street is not some liberal enclave, it is a business hub and the political connectivity to DC is static, regardless of who is in charge.
Posted on 7/3/14 at 10:35 am to LSURussian
quote:
Fannie was a New Deal creation under Roosevelt and Freddie was started in 1970 under Nixon.
Yes, but them in their present form of being charged with loaning money to people with no means of paying it back was created under Clinton.
Posted on 7/3/14 at 10:36 am to The Third Leg
quote:
Bob, that shite is fricking retarded. Nobody forced fricking banks to do shite. This was a profit scheme. Load the balance sheets with toxic assets, sell them off as grade A beef, and then when insurers collapse, the government has no choice but to bail them out. Do some reading on the complicit nature of the subprime lending practices, fraudulent documentation, etc. the banks never had hands forced to make these loans. Wall Street is not some liberal enclave, it is a business hub and the political connectivity to DC is static, regardless of who is in charge.
Do you even community reinvestment act bro?
Posted on 7/3/14 at 10:39 am to jamboybarry
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
FICO - 500
Income - $400/wk
Home price - $275,000
Does that act also mandate robo-signing, rating manipulation, et al.?
FICO - 500
Income - $400/wk
Home price - $275,000
Does that act also mandate robo-signing, rating manipulation, et al.?
This post was edited on 7/3/14 at 10:40 am
Posted on 7/3/14 at 10:40 am to kingbob
quote:
Bush on the other hand, repeatedly petitioned Congress to investigate Fannie and Freddie as well as to regulate those mortgage backed securities. Congress had that authority, NOT the president, and they refused to cooperate
This.
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:
Does that act also mandate robo-signing, rating manipulation, et al.?
No, repealing Glass-Steagall opened the door for that. Without that law in place, investment houses and lending institutions were allowed to merge into single entities. The same company that wrote the mortgage could also be the same company that was bundling them into securities, rating them, and selling them to investors.
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:Yes.
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
FICO - 500
Income - $400/wk
Home price - $275,000
Posted on 7/3/14 at 10:42 am to SmackDaniels
quote:
It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
You say forces, I say cajoles
Posted on 7/3/14 at 10:43 am to Choctaw
quote:
so it's Bush's fault that Obama decided to be worse than Bush
What could he do, bruh? He was swallowed by it.
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