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re: Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 11:19 am to The Third Leg
Posted on 7/3/14 at 11:19 am to The Third Leg
quote:Then your gripe is with the rating agencies. If they had not kept on giving AAA ratings to the MBS issued by banks, the banks would not have been able to sell the bonds all over the world.
Banks were selling off toxic, fraudulently rated mortgage-backed securities to institutional investors.
2
Posted on 7/3/14 at 11:21 am to LSURussian
Gee, who would have given ratings agencies the impetus to rig ratings?
Posted on 7/3/14 at 11:23 am to LSURussian
It seems to me the issue is that government has influence that can be easily bought. That, or our SEC is absolutely incompetent. I mean, it's almost as if they were watching porn and throwing darts every day at work instead of investigating Bernie Madoff or something 
This post was edited on 7/3/14 at 11:26 am
Posted on 7/3/14 at 11:26 am to The Third Leg
quote:
I always liked him, just had no charisma
Because that's what we needed in 2008 - charisma in an empty suit?
I'm not a big fan of McCain - the politician - by any stretch - I'm from Louisiana and I can vote for the "lesser of 2 evils" without even batting an eye.
I love these criticisms that are leveled by the left:
McCain was too old in 2008 (he was 72 - why do I think that age won't be a negative in 2016).
Romney was too rich in 2012 (No peep from the left regarding how rich Kerry was in 2004).
I guess they don't see how transparent it is.
Just like this guy's bias - NO failure or failing of a democratic president is ever really questioned or treated as a negative - it's all dismissed ("just about sex", etc.), while even positive characteristics of Republican candidates are used as negatives
- McCain lost much of the use of his arms at the tender mercies of the left's allies, the North Vietnamese, and they make fun of him for not being able to use a computer
- Romney $hits tiffany cufflinks - his business skills are unquestioned - he's a turnaround man, economically - the left picked him because he was so moderate, and despite his religious convictions, cannot be argued to be some crazy fire-breathing, foaming at the mouth right-winger - so they make fun of his success.
Obama is deeply flawed, had little experience managing/leading people or large sums of money - which is, effectively, all a President does. I'm all for an "outsider" and I don't think government experience is absolutely required to lead the nation, but Obama had virtually no experience applicable to the job, other than political experience with campaigning and community agitating.
From the left? Crickets, because he was somehow a viable candidate, catalyst for "change" and had the correct (which is to say, hard left) ideology.
This post was edited on 7/3/14 at 11:28 am
Posted on 7/3/14 at 11:27 am to The Third Leg
quote:Initially, absolutely yes, it was against their will. Banks fought with bank examiners for years over compliance with the CRA. My bank was told it had an unsatisfactory CRA rating which would likely cause it to not obtain approval for any additional branches nor would we be able to buy additional banks.
So you think these institutions made these loans against their will?
So we caved in.
Later when the ratings agencies kept rating MBS AAA, banks realized they had an escape hatch to off load the crappy loans.
That made the bank examiners happy, stockholders happy, borrowers happy and politicians happy. You were probably happy then, too, knowing that you and any crappy borrowers could live in $250,000 houses.
Posted on 7/3/14 at 11:28 am to The Third Leg
quote:You, me and everyone else who went along with it without complaining. Next question.
Gee, who would have given ratings agencies the impetus to rig ratings?
Posted on 7/3/14 at 11:29 am to SmackDaniels
quote:Yeah. I literally rolled my eyes and then laughed when I saw that. Pathetic.
Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 11:29 am to Ace Midnight
I always hated McCain for being a fiscal spendthrift, a war hawk, a War on Drugs crusader, social conservative, and a constant flip/flopper on immigration.
Posted on 7/3/14 at 11:32 am to LSURussian
quote:
Initially, absolutely yes, it was against their will. Banks fought with bank examiners for years over compliance with the CRA. My bank was told it had an unsatisfactory CRA rating which would likely cause it to not obtain approval for any additional branches nor would we be able to buy additional banks. So we caved in. Later when the ratings agencies kept rating MBS AAA, banks realized they had an escape hatch to off load the crappy loans. That made the bank examiners happy, stockholders happy, borrowers happy and politicians happy. You were probably happy then, too, knowing that you and any crappy borrowers could live in $250,000 houses.
I can still remember all the bull shite news stories about "red lining" which amounted to people bitching that blacks with shitty credit couldn't get loans.
Basically, the threatened banks with extinction if they didn't loan to people who had no business getting loans and then, as those loans began to stink, they rated MBS in such a way that only an idiot wouldn't take advantage.
Then. Viola'. They threw their hands up and said "what, we had nothing to do with it!!!"
Posted on 7/3/14 at 11:37 am to The Third Leg
Community property. You take responsibility and "man up".
Posted on 7/3/14 at 11:38 am to LSURussian
The vast majority of America had not a fricking clue what a MBS even amounted to, much less how they are/were rated.
Posted on 7/3/14 at 11:38 am to GRTiger
quote:
Damn, son, you're going hard to the potato on this board the last few days.
Someone has to step into the circle jerk and do it.
Posted on 7/3/14 at 11:39 am to ShortyRob
quote:The MBS are rated within a few months of the loans being made. So those loans were still performing when they were rated AAA.
the threatened banks with extinction if they didn't loan to people who had no business getting loans and then, as those loans began to stink, they rated MBS in such a way that only an idiot wouldn't take advantage.
Only after the mortgage loans had "seasoned" did they start experiencing delinquencies. By then it was too late. The bonds had already been issued and bought by investors.
So, CDS were created and used to back the MBS. Of course, there were many billions of dollars more in mortgage loans than the insurance companies had in capital to absorb losses on the guaranteed by the CDS.
The system collapsed.
Posted on 7/3/14 at 11:40 am to The Third Leg
quote:Does that include you? Ignorance is no excuse.
The vast majority of America had not a fricking clue what a MBS even amounted to, much less how they are/were rated.
This post was edited on 7/3/14 at 11:41 am
Posted on 7/3/14 at 11:41 am to Ace Midnight
Ace,
We live in a sound byte world. It is what it is what it is.
By design, of course, it is pure theatrics. You wanna watch Kate Upton or Ellen Degeneres? Same same.
We live in a sound byte world. It is what it is what it is.
By design, of course, it is pure theatrics. You wanna watch Kate Upton or Ellen Degeneres? Same same.
Posted on 7/3/14 at 11:42 am to USMCTiger03
Yep! The dog finally caught the bus but doesn't know how to drive it.
Posted on 7/3/14 at 11:42 am to LSURussian
I was a child when they were created, a teen when they proliferated, a young adult when they almost shut down the world economy, as they put it.
I didn't have a clue. I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.
I didn't have a clue. I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.
Posted on 7/3/14 at 11:48 am to The Third Leg
quote:So blame your parents. Stop trying to blame it all on a select few.
I didn't have a clue.
Everyone was happy as long as housing prices kept going up. When loans went bad, the collateral could be sold to pay off the mortgage. So everybody just kept keeping on. As soon as the collateral became worth less than the mortgage did the shite hit the fan.
quote:It sucks to be you for assuming anything like that.
I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.
quote:That explains your uninformed posts on this board.
I was a child when they were created,
Posted on 7/3/14 at 11:56 am to LSURussian
Please, lay out all that is uninformed in this thread and on this board. My initial dumb troll comparison to draw people into a discussion?
Everyone is always happy when things are good for them. People were thrilled in the 1920s, I guess they had nobody to blame but themselves when it all came tumbling down.
The idea that the commoner can even begin to grasp this highly complex shite in real time, with much propaganda flying about, is absurd and childish. By this measure of zero accountability, we shouldn't even have a government at all.
People don't write thousands of pages of law, they don't litigate either. Lawyers do. I guess people should have voted out their leadership. Super easy task with all of the gerrymandering in this era. Never mind the fact that bills are voted on and then altered by a select few, behind closed doors, in a committee.
It's all so easy to see.
Everyone is always happy when things are good for them. People were thrilled in the 1920s, I guess they had nobody to blame but themselves when it all came tumbling down.
The idea that the commoner can even begin to grasp this highly complex shite in real time, with much propaganda flying about, is absurd and childish. By this measure of zero accountability, we shouldn't even have a government at all.
People don't write thousands of pages of law, they don't litigate either. Lawyers do. I guess people should have voted out their leadership. Super easy task with all of the gerrymandering in this era. Never mind the fact that bills are voted on and then altered by a select few, behind closed doors, in a committee.
It's all so easy to see.
Posted on 7/3/14 at 11:57 am to LSURussian
quote:
I didn't have a clue.
So blame your parents. Stop trying to blame it all on a select few.
Everyone was happy as long as housing prices kept going up. When loans went bad, the collateral could be sold to pay off the mortgage. So everybody just kept keeping on. As soon as the collateral became worth less than the mortgage did the shite hit the fan.
quote:
I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.
It sucks to be you for assuming anything like that.
quote:
I was a child when they were created,
That explains your uninformed posts on this board.
Jesus, way to rip a poster a new one on a college-football message board. shite, that would be like people accusing me of being a flip/flopper for not initially opposing the Patriot Act when I was in 5th grade. I think I was a bit more worried about Pokemon cards and Dragon Ball Z than domestic spying.
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