Bill Clinton caused housing crisis and 9/11 debate

You know you are in trouble when Refman calls you out...cant pigeonhole him as a nasty liberal...haha


Now, you were asked once....I will request it a second time.

Links or gtfo.

 

zantabak1111 the Plumber....?

 

Major with an epic smackdown

 

I'm a right wing hack? I actually am a member of society who pays a significant amount in taxes, do you old man? My point all along has been that I hate that my money that I worked hard for takes care of you and all the other people in our society that comprise the bottom 50% which only pay 3% of the total tax revnue in this once great nation. Until the end of time the war on the successful will continue until they all outsource jobs and leave this country and find a new "land of opportunity", then all you liberals will really learn your lesson.

 

I didn't know I was writing a thesis where I had to cite all my sources on the prestigious clutchfans forum, give me a break. I just did a quick search for CRA problems and up it came and I posted it on here then a bunch of you democrats want to pounce me for stating facts. I hope you enjoy my extra $13/week and the impending depression with all the inflation that will follw from your president printing money out of thin air. I will always be ok you bottomfeeders better start worrying about the future more.

 

Mr. Zan Tabak One Thousand One Hundred Eleven,

If you searched for it, then just give us the link where you found it. It has nothing to do with prestige and everything to do with following the rules.

Your friend,
halfbreed (not a bottom feeder)

 

http://www.faculty.fairfield.edu/faculty/hodgson/Courses/so11/stratification/income&wealth.htm

When the top 10% owns 70% of the wealth, doesn't it make sense they pay the majority of the taxes on that wealth. And how exactly are you "taking care" of all these bums (by the way, pre recession our unemployment was 5%, ie full employment)? Because some of your tax dollars go to welfare and food stamps (which actually get more economic production per dollar than tax cuts), you're propping up the entire lower class of America?
Get a f(*&ing clue.

 

one guy already posted it read all the posts,but here it is again

http://www.gather.com/viewArticle.jsp?articleId=281474977461051

 

keep posting, you're on a roll.

 

Calm down with that quadruple post, homes.

 

This is the kind of research that is acceptable when doing masters work?

This is why it's hard to believe. Anyone who has ever done the kind of research needed to get an MBA should know good sources from bad ones.

 

The reason you're supposed to cite sources is so we can point out when you use ignorant sources as you did here.

So basically, translated, you didn't know crap about this subject, so you did a Google search and then regurgitated whatever nonsense you found without understanding even a tiny fraction of the facts. Thanks for at least admitting you have no clue what you're talking about - it's a start.

 

Meltdown In Process

 

Man, it's so adorable when people start throwing out these catch-all phrases to represent the people they think they are pitted against in some cosmic battle of epic proportions to deteremine the ultimate fate of this country, the world, and the universe.

Yu bottum feedir deomcrapts!!11

 

No amount of "Congressional pressure" would force banks to take on subprime loans if there wasn't a profit motive behind it. hint: easy credit

Also, while it's easy to pin down Fanny and Freddie for their disastrous actions, they weren't the loan originators. Therefore, F&F did not assess risk for subprime and near prime borrowers.

F&F definitely multiplied the securitzation bubble, but they didn't cause the housing crisis. Furthermore, if the credit crunch was reserved only to MBS, we wouldn't be half deep in **** as we are now.

Mindnumbing chain letters are as lame as they can be.

 

I don't think you know what you are talking about.

Subprime loans were into economically depressed areas...and Lehman Brothers, Bear Sterns, and et didn't fail or end up with mounds of debt because they made subprime loans. Investment banks don't make mortgage loans - that's not how it works.

The Subprime loans were made by lenders who were incentivized to make risky loans because they sold the loans to clearance houses. So they didn't care anymore, if the loan failed down the road, it didn't hurt them. They made their money and were out.

THe clearing houses pooled all the loans together. Now they had a lot of risk right, because if these loans failed, boom - they are in trouble. So what they did is they made deals with Investment banks to "Securitize" the loans into MBS - mortgaged back securities. Now, the rating agencies would rate them based on the loan, but the banks would then overcollateralize them or put guarantees on them to artificially raise their credit worthiness. And bam, there is your recipe for disaster. You can imagine what happens. Banks and funds pile up a bunch of these bonds, which no one really knows what they are worth or how to value the impact of defaults becuase they have been sliced and diced - so the holder of these bonds aren't full aware of the risk.

Except when they become ill-liquid. Even todya, no one really knows the value. everything was find until the last few years when interest rates started to creep up. Well, this caused home prices to drop a bit, and with rising interest rates and dropping home prices, the default rate on all loans went up...and all of a sudden the value of the securities started to drop.

As home prices continued to drop and interest rates were still high, the bottom fell out...people panicked and no one wanted to buy the MBS - they became "ill-liquid" which means no one would take them...so banks were basically stuck with paper and had no cash. Because of this, they couldn't make new loans and the whole system collapsed out of a lack of liquidity and faith. They didn't have the cash to do business. This spooked the market and froze the credit markets because no one trusted anyone to make loans.

But who bought up all these shady securities? It was the banks. Had everyone done their homework, been honest, and so on, everyone would know the risk - and that these securities were risks. It wasn't the actual loans that caused the crisis, it was the passing on the risk to someone else until you found someone who didn't know what the real risk was. So when the defaults started up and the value of the security declined - only the end guy suffered.

It's more like a Ponzi scheme. The gov't is to blame for letting banks regulate themselves...without oversight into what htey were doing. I'm shocked they were allowed to invest so much into these securities....but hey, they were underwriting all these deals, they had to take a lions share of it. And that's why they are paying the price.


Stop blaming the poor - it's actually kinda of twisted and sick.

 

Note the three authors of that act are Republicans and the Congress that passed that act was Republican.

Seriously you guys are so eager to play victim to Bill Clinton when Republicans were in charge of one branch of government during that time.

 

The Era of Dubya is a collective black hole in the Conservative mind. Or maybe they're happy because the super rich got a fat tax cut compared to their hundreds of dollars.

 

There is a lot of blame to go around here but it starts with people taking loans they can't pay for. If these loans don't default then there is no problem.

The government shouldn't give incentives to make bad loans.
The people shouldn't take the loans.(hard to put the blame here cause most people are clueless and expect the bank to know how much they should borrow, which is STUPID)
The banks shouldn't make the loans.
Freddie and Fannie shouldn't make the loans appear liquid.
The banks shouldn't package the loans to unsuspecting investors.

Loads of blame, but if you start at the beginning and stop it there you don't have a problem. The fact is incentives were given to make bad loans. The rest is a result of this mistake.

 

Oh my lord, how can any of you...on either side of the aisle...pin the entire mess we're in on "the other guy??"

Politics in America sucks. It's like Yankees and Red Sox fans.