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re: Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 10:43 am to The Third Leg
Posted on 7/3/14 at 10:43 am to The Third Leg
quote:Does that excuse you for running up more debt, and at a faster pace, than your dead wife? What about the debts your dead wife inherited from her parents? Is your dead wife also responsible for the status of your relationships with your neighbors? When you die what will you have been responsible for if everything was the fault of your dead wife?
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?
0
Posted on 7/3/14 at 10:46 am to kingbob
quote:
repealing Glass-Steagall
The bill to repeal it was written by 2 Republicans, and had been championed by Republicans for nearly 10 years before finally getting the needed votes. The housing crisis was 100% a bipartisan effort. Pinning blame on one side more than the other is pointless.
Posted on 7/3/14 at 10:49 am to The Spleen
quote:
The bill to repeal it was written by 2 Republicans, and had been championed by Republicans for nearly 10 years before finally getting the needed votes. The housing crisis was 100% a bipartisan effort. Pinning blame on one side more than the other is pointless.
I wasn't saying it wasn't a bi-partisan effort, I was just trying to show that it wasn't necessarily George Bush's fault. I'm very well aware that we got raped (as we usually do) by both sides.
Posted on 7/3/14 at 10:51 am to kingbob
Gotcha. Yeah, Bush had little to do with the housing crisis. The house of cards was built before he took office. I do credit him for attempting to reform Freddie Mae and Freddie Mac, but I think had he been successful that would have only delayed the inevitable.
Posted on 7/3/14 at 10:52 am to The Third Leg
quote:
Well, if I'm being honest, and nobody else seems to be, I'm calling a spade a spade and saying nobody in the world knew how fricked up shite was.
You people act like all these millionaires who lost great sums of money saw this all coming because of some hedge fund stories about veterans shorting the market.
Nobody had a fricking clue what was on this balance sheets.
quote:
With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark):
In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.
Read More:
LINK /
Posted on 7/3/14 at 10:57 am to jamboybarry
This shite is all policy architecture, top level. These banks aren't doing shite unless it is for profit. Understand and accept that and then you'll recognize the systemic manipulation that takes place by way of litigation.
If the financial institutions did not want this, they would have buried the government in litigation. Lawyers wrote these laws for the banks, make no mistake. All of these politicians are supported by Wall Street in some fashion.
The committee appointed to investigate the meltdown was given a budget equal to one-seventh of the budget for the movie Wall Street, Money Never Sleeps. Let that sink in for a moment.
Look at AIG, those were some of the riskiest bets in the history of humanity.
If the financial institutions did not want this, they would have buried the government in litigation. Lawyers wrote these laws for the banks, make no mistake. All of these politicians are supported by Wall Street in some fashion.
The committee appointed to investigate the meltdown was given a budget equal to one-seventh of the budget for the movie Wall Street, Money Never Sleeps. Let that sink in for a moment.
Look at AIG, those were some of the riskiest bets in the history of humanity.
Posted on 7/3/14 at 10:58 am to The Spleen
quote:
The bill to repeal it was written by 2 Republicans, and had been championed by Republicans for nearly 10 years before finally getting the needed votes. The housing crisis was 100% a bipartisan effort. Pinning blame on one side more than the other is pointless.
This is all you need to see for yourself. LINK
Efforts to regulate by Bush as far back as 2003. Blocked by Dems, particularly Barney Frank (House Financial Services Committee) and Schumer, who played Nero for Fannie/Freddie all along.
Posted on 7/3/14 at 11:00 am to The Third Leg
quote:
These banks aren't doing shite unless it is for profit.
quote:AIG is not a bank. It's an insurance company.
Look at AIG, those were some of the riskiest bets in the history of humanity.
What do you have against companies making a profit? Isn't that the idea?
Posted on 7/3/14 at 11:01 am to USMCTiger03
Good for McCain if that is more than massaged propaganda. I always liked him, just had no charisma in his old age.
People knew shite was toxic, but nobody knew shite about how awful the balance sheets really were.
Banks were selling off toxic, fraudulently rated mortgage-backed securities to institutional investors. Nobody knew this in 2005. Nobody knew how fricked it all was.
People knew shite was toxic, but nobody knew shite about how awful the balance sheets really were.
Banks were selling off toxic, fraudulently rated mortgage-backed securities to institutional investors. Nobody knew this in 2005. Nobody knew how fricked it all was.
Posted on 7/3/14 at 11:02 am to LSURussian
AIG was insuring banking activities.
I'm on an iPad mini, and typing fast.
I'm on an iPad mini, and typing fast.
Posted on 7/3/14 at 11:02 am to The Third Leg
quote:
These banks aren't doing shite unless it is for profit
Isn't that, like the point....man?
quote:
If the financial institutions did not want this, they would have buried the government in litigation. Lawyers wrote these laws for the banks, make no mistake. All of these politicians are supported by Wall Street in some fashion.
Or they knew they would be bailed out
Same as Obamacare re: big pharma
Posted on 7/3/14 at 11:03 am to USMCTiger03
Yahoo is about as left-wing as it gets. They actually ran a headline on their front page once that said, "Ted Cruz is from a different planet"
Yeah, they're fair and balanced....not.
Yeah, they're fair and balanced....not.
Posted on 7/3/14 at 11:04 am to a want
quote:
Clearly unqualified:
Matt Bai /'ba?/ is national political columnist for Yahoo! News.[1] Prior to that, he was the chief political correspondent for the New York Times Magazine,
So before Yahoo he was the chief political correspondent for the New York Times. I bet you bitch about Fox News.
Posted on 7/3/14 at 11:05 am to KCT
quote:
Yahoo is about as left-wing as it gets.
Three months up until the election they trashed Romney on a daily basis.
Posted on 7/3/14 at 11:06 am to jamboybarry
So you think these institutions made these loans against their will?
That's loosely the argument old Bob is throwing out. These poor banks were forced to give derelicts huge sums of money by the big bad gubmint.
I have no issue with profit. Of course they knew they'd be bailed out. This was corporate welfare. And what did we do, we made these institutions bigger, badder, more likely to cripple vast segments of the economy amidst bad decisions.
That's loosely the argument old Bob is throwing out. These poor banks were forced to give derelicts huge sums of money by the big bad gubmint.
I have no issue with profit. Of course they knew they'd be bailed out. This was corporate welfare. And what did we do, we made these institutions bigger, badder, more likely to cripple vast segments of the economy amidst bad decisions.
This post was edited on 7/3/14 at 11:08 am
Posted on 7/3/14 at 11:07 am to AUin02
quote:
Are people finally starting to wise up to this fact?
They don't care. Half of them are happy because their team is winning. The other half is happy because they actually want all of the negative things that are going on in this country.
Posted on 7/3/14 at 11:11 am to The Third Leg
quote:
So you think these institutions made these loans against their will?
Not sure where you gleaned this from? CRA basically made banks lend at such a rate to such a risky pool that it tainted their balance sheets. They went along to get along b/c the mortgages were bundled up and they knew a bailout was imminent should the whole thing crumble. It did, giving us the always comical "too big to fail"
quote:
These poor banks were forced to give derelicts huge sums of money by the big bad gubmint.
Basically
quote:
This was corporate welfare. And what did we do, we made these institutions bigger, badder, more likely to cripple vast segments of the economy amidst bad depictions.
You'll get no argument from me there
This post was edited on 7/3/14 at 11:12 am
Posted on 7/3/14 at 11:12 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?
Damn, son, you're going hard to the potato on this board the last few days.
Posted on 7/3/14 at 11:14 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?
What if you voluntarily married a dying woman who had already racked up millions in debt? Would you be bitching about that 6 and 7 years later?
Posted on 7/3/14 at 11:18 am to jamboybarry
Do you understand how Barclays worked the LB deal at the eleventh hour? They fricked the government through back channel legal wrangling, burying language in proceedings. Thousands and thousands of pages.
There is zero chance you can convince me that these institutions would not litigate their way out of coercion to make bad loans if they did not want to make them. This was a designed collapse, it had to be. No execs are this stupid or ignorant. There are countless examples of obvious systemic fraud to push toxic loans at all levels, from the execs to the loan originators, and then the more obvious fraud in the sale of those loans to institutional investors. This went on for years.
Wall Street's response was that they thought it was ok to sell off shite as gold because it served them, not their investors. This was weirdly accepted.
The government is flaccid while Wall Street Lawyering is on the Peter North level.
There is zero chance you can convince me that these institutions would not litigate their way out of coercion to make bad loans if they did not want to make them. This was a designed collapse, it had to be. No execs are this stupid or ignorant. There are countless examples of obvious systemic fraud to push toxic loans at all levels, from the execs to the loan originators, and then the more obvious fraud in the sale of those loans to institutional investors. This went on for years.
Wall Street's response was that they thought it was ok to sell off shite as gold because it served them, not their investors. This was weirdly accepted.
The government is flaccid while Wall Street Lawyering is on the Peter North level.
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