How did we get into this Financial crisis?

[DOGS THAT BARK]

lets take a look at a few facts--

Who was responsible for passing law that allowed banking to collapse by recinding prior safegaurds? Answer BillyBob
http://query.nytimes.com/gst/fullpag...C1A96F9582 60

Who did Dems put in charge of of Banking Commitee in 06--Dodds
http://www.iht.com/articles/2006/11/...iness/dodd.php

--and speaking of Dodds lets follow the money--
in addition to him being under investigation currently for sweet heart deals from Freddie and Fannie on 3 of his personal mortages--

2 highest Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
(note this is 8 year period and O was only in there 4 of 8 years)
Name Office State Party Grand Total Total from
PACs Total from
Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
+++++++++++++++++++++++++++++

ok what about this admin--

McCain

Then in 2005 John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005.

The Bill was never passed. John McCain addressed the floor on May 26th, 2006. Here is an excerpt:

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation
Dems would NOT let bill come to vote
++++++++++++++++++++++++++

---and what about GW?
excuse me this will be lenthy-lets go by year--sorry no videos


** 2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is ?a potential problem,? because ?financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.?

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that ?although investors perceive an implicit Federal guarantee of [GSE] obligations,? ?the government has provided no explicit legal backing for them.? As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (?Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,? OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact ?legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises? and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any ?legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.? To reduce the potential for systemic instability, the regulator would have ?broad authority to set both risk-based and minimum capital standards? and ?receivership powers necessary to wind down the affairs of a troubled GSE.? (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: ?The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore?should be replaced with a new strengthened regulator.? (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to ?not take [the financial market's] strength for granted.? Again, the call from the Administration was to reduce this risk by ?ensuring that the housing GSEs are overseen by an effective regulator.? (N. Gregory Mankiw, Op-Ed, ?Keeping Fannie And Freddie's House In Order,? Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying ?We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.? (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America? Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying ?first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.? (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August ? up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month ? the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying ?These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs ? and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.? (President George W. Bush, Discusses Housing, The White House, 12/6/07)

--any rebutals--
:0corn

 

[smurphy]

you post the longest most boring thing possible and then do the popcorn thing as if you are beginning a discussion. good luck.

 

[DOGS THAT BARK]

you post the longest most boring thing possible and then do the popcorn thing as if you are beginning a discussion. good luck.

Only boring if you don't want to read it--but you'll learn more than watching chopped videos.

Let me take you back in time--I'll highlight the basics for you--so you won't have to read it all.

New Tork Times Sept 1999 --Bubba presiding as pres. (in case you didn't know)

Fannie Mae Eases Credit To Aid Mortgage Lending

Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers.
These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

http://query.nytimes.com/gst/fullpa...933A0575AC0A96F958260&sec=&spon=&pagewanted=2

:0corn

 

[bryanz]

How did we get into this Financial crisis??

This is really a two part issue..The first, was the reversal of the Glass Seagull Act.

You ask, what is the Glass Seagull Act?

The Glass-Seagull Act was enacted during the Great Depression to restrict the securities activities and affiliations of banks and has long been seen as having separated commercial banking. The act was intended to protect banks, prevent conflicts of interest and other abuses and safeguard the financial system. Rubin said supporters of the act today say Glass-Seagull is necessary to protect the federal deposit insurance system.

This was enacted in 1933 and was the course of business until 1999..When the repeal of the Glass Seagull Act led by Robert Rubin former Treasury Sec. under Bill Clinton and others of the CFR, has produced our current investment dilemma of the breakdown of the residential mortgage investment sector and created financialization, a relatively new term used to discuss the emergence of a new form of capitalism in which financial markets dominate over the traditional industrial economy.

The CFR is The Sovereign in North America's commerce, investment and governmental activity and endeavors and through the CFR and it's agents , primarily Sanford Weill, Bill Clinton and Robert Rubin repealed the Glass Steagall Act in 1999.

It must be said, that to repeal this Act, must come from Congress and it's here, where both Republicans and Democrats rewrote the law and was signed by then, President Bill Clinton.

As mentioned above, the act was the sole purpose to keep Banks, which during this period, was built on a foundation of solid assets and a business model that didn't allow banks to deviate into elements of questionable or gambling assets into the world of derivative trading..

In 1999 when the repeal was signed into law, it was meant to modernize the country's financial system and allow banks to became gambling house i.e.; Banks/Investment Banks..This allowed them to parley or move solid bank assets into tradable securities as in options, convertible bonds, future contracts and on it goes..

So now we come to the Second part of the current Financial crisis which is the Sub-Prime..

When the law was repealed and signed, Bill Clinton, ordered Fannie and Freddie to except loans from local banks in inner city and other minority jurisdictions to back home loans on individuals, who otherwise would not be eligible for such a major acquisition, due to low credit rating and other factors..Local banks were continually pressured by minority groups like Acorn and Congressional Democratic leaders to underwrite these mortgages.

So everything appeared on the surface to be fine, and the ideology that every American has a right to own a home, without showing proper credit rating and questionable employment history finally took a toll.

Banks before the repeal of Glass Steagall had to show a foundation of assets and cash related to debt and in the 1980's a well known practice called Mark to Market..

Mark to Market is an accounting methodology of assigning a value to a position held in a financial instrument based on the current market price for the instrument or similar instruments. When these mortgages became a real issue with respect to delayed payments and foreclosures started to rise, banks took these undesirables and bundled them up as Sub-Prime and went into the world of Wall Street as a trading instrument and many world banks came onboard and everyone was in money heaven.

The foreclosure rate started to rise at a rapid rate and remember, Fannie and Freddie continued to underwrite and back these banks holding these mortgages from defaulting...Banks as they do, is to protect their assets and maintain the requirements within banking regulatory laws were concerned with Mark to Market accounting, that when said property goes to 0 balance or worth, balance sheets and asset base, could present a imbalance and make the banks appear insolvent..

As we now have experienced, many banks went under and since they kept many of these notes on their books and with Mark to Market had no choice.

This of course also effected the underwriter, Fannie and Freddie holding assets that were virtually or near worthless..

Then the domino effect began and a major meltdown occurred as we now know, is a severe collapse of the world Financial Institutions.

Through it's infamous wisdom, the government without addressing the Mark to Market accounting, just went on as usual and infused large capital into banks and Fannie and Freddie..All this did was try to fill the void, or large hole to shore up these same institutions to no avail..This problem became so severe that the first Tarp was sucked up like a huge vacuum cleaner with little resolve.

So now we have this spending/stimulus package that will not work and only create down the road a major global disaster not seen since the great depression..The reason why I say this, is history has repeatedly dictated that unwise spending does not work and only exacerbates and compounds the problem going out. In the short term, this may work, but the cusp of the problem is the burden of debt it carries..Normally under this scenario, foreign countries have always been eager to buy US debt through Bonds and safe US Treasury notes as a safe haven..The only problem is, all these countries are facing similar problems and have no more investment capital let alone to carry their own debt.

Japan is a perfect example why spending doesn't work..They, for years spent on infrastructure and built many "Bridges to No Where" and now we have learned they are contracting at an alarming rate, now over 10%..This is not good and others will follow.

Since almost every country in the world is in the same predicament, countries that traditionally buy up foreign debt and the hallmark of this was USA safe haven securities, will not happen and some have eluded that China will own the foreign debt is as well, a non-starter.

This spending package is nothing more than Toxic Financing or Spiral Financing that will effect you in ways unimaginable..Obama promised a middle tax cut, this is delusional thinking on his part...If I had to make an assessment, your taxes will rise at a rate never seen in this country..This spending package will have your taxes raised every year for the next 30 years at additional $2800 for every taxpayer and still we will never get even.

And now they are talking about another round of spending to again, shore up the Auto Industry and Financial sector..

What is the outlook? World leaders will not have a choice but to bring into order a "NEW WORLD Order" that will affect your life and your children not seen since the fall of the Roman Empire.

Of course this is my take.

Have a good day
Varok
http://www.stockmarketquarterly.com
Where investors build their portfolio one stock at a time.

how did we get here ? with this kind of thinking and greed and crime..... yes crime... our justice system does not prosecute crimes like this, with the verossity that they go after poor people that commit crimes that don't effect the majority as these crimes did.... ........http://www.cbsnews.com/stories/2009/02/13/60minutes/main4801309.shtml......................... same kind of thinking that would allow president obama to appoint people to run our government who don't have to play by the same rules as the people that they intend to govern....

 

[rusty]

Only boring if you don't want to read it--but you'll learn more than watching chopped videos.

Let me take you back in time--I'll highlight the basics for you--so you won't have to read it all.

New Tork Times Sept 1999 --Bubba presiding as pres. (in case you didn't know)

Fannie Mae Eases Credit To Aid Mortgage Lending

Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers.
These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

http://query.nytimes.com/gst/fullpa...933A0575AC0A96F958260&sec=&spon=&pagewanted=2

:0corn

Still doesnt address the ARM loans that are the real truth behind the fall of the banks and mortgage failure.

I dont care if your black,white,green or red.If you start out at a no iterest rate, and then jump to interest rate that is unpayable to almost any person with a decent paying job whos fault is that?? Puttn blame is just sensless .Theres plenty to go around.

 

[DOGS THAT BARK]

Still doesnt address the ARM loans that are the real truth behind the fall of the banks and mortgage failure.

I dont care if your black,white,green or red.If you start out at a no iterest rate, and then jump to interest rate that is unpayable to almost any person with a decent paying job whos fault is that?? Puttn blame is just sensless .Theres plenty to go around.

If it doesn't address it--then enlighten us when they startred and who was responsible.

So far alls I've seen is opinion vs facts-again.

Would welcome any facts you or anyone else have to add--before we close the book on yet another media driven myth.

 

[rusty]

If it doesn't address it--then enlighten us when they startred and who was responsible.

So far alls I've seen is opinion vs facts-again.

Would welcome any facts you or anyone else have to add--before we close the book on yet another media driven myth.

Dog,
Lets get real.Ive seen people lose there homes.
I know hard working people ,who with Arm loans ,have lost there homes.If you want prove,take a look at your own neighberhood.

Ok,the poorer cities have been hit hardest,but dont make it seem that people with decent paying jobs ,the suburbs havent been effected,thats just not true.

 

[pd1]

http://www.youtube.com/watch?v=eKgP...outube/bushfoolme.htm&feature=player_embedded

 

[StevieD]

If it doesn't address it--then enlighten us when they startred and who was responsible.

So far alls I've seen is opinion vs facts-again.

Would welcome any facts you or anyone else have to add--before we close the book on yet another media driven myth.

FACT: Repubs had control of congress under Clinton. They didn't change anything you are talking about.
FACT : Bush had SIX long years of everything he wanted. He didn't change anything you are talking about.
I am no fan of Clinton and Gawd knows he is dirty but so is your boy Bush. The sad thing is that Bush had the clout to stop it. But he was more interested in Iraq.

 

[bryanz]

If it doesn't address it--then enlighten us when they startred and who was responsible.

So far alls I've seen is opinion vs facts-again.

Would welcome any facts you or anyone else have to add--before we close the book on yet another media driven myth.

they started when lenders started putting greed and profitt over their fiduciary responsibilities.... no one or government held a gun to these peoples heads... THEY KNEW RIGHT FROM WRONG....it's as simple as that ... lenders committed fraud.... over and over and over and over again... then wall st sold the trash over and over again... It's not that hard to figure out... it started at the top with bush trying to keep his economy going..." go shopping and buy homes"... bush didn't give a fuck about affordable housing....he had to keep his economy going....... NO ONE THOUGHT THE BUBBLE WOULD BURST ON THEIR WATCH... HERB SANDLER KNEW WHAT HE WAS DOING... HE SOLD HIS TRASH TO WACHOVIA.... BUSH SOLD HIS TRASH TO THE TAX PAYERS.... countless banks did the same thing.... people got rich.... it not that hard to figure out... NIEVE PEOPLE OR PEOPLE TRYING TO PROTECT THEIR BASE, want us to believe that government and poor people are resonsible.. You know the types, they preach responibility and accountablity but never step to the front and claim it..... WHEN WAS THE LAST TIME THAT WEALTH & POWER TOOK THE SHORT STICK IN THE EYE... FOR THE GOOD OF THE LITTLE GUY ? The shit is out for all to see... WE GOT ROBBED !!!!... Do you need Columbo to roll up in that old peugeot and paint the picture for you ?

 

[rusty]

they started when lenders started putting greed and profitt over their fiduciary responsibilities.... no one or government held a gun to these peoples heads... THEY KNEW RIGHT FROM WRONG....it's as simple as that ... lenders committed fraud.... over and over and over and over again... then wall st sold the trash over and over again... It's not that hard to figure out... it started at the top with bush trying to keep his economy going..." go shopping and buy homes"... bush didn't give a fuck about affordable housing....he had to keep his economy going....... NO ONE THOUGHT THE BUBBLE WOULD BURST ON THEIR WATCH... HERB SANDLER KNEW WHAT HE WAS DOING... HE SOLD HIS TRASH TO WACHOVIA.... BUSH SOLD HIS TRASH TO THE TAX PAYERS.... countless banks did the same thing.... people got rich.... it not that hard to figure out... NIEVE PEOPLE OR PEOPLE TRYING TO PROTECT THEIR BASE, want us to believe that government and poor people are resonsible.. You know the types, they preach responibility and accountablity but never step to the front and claim it..... WHEN WAS THE LAST TIME THAT WEALTH & POWER TOOK THE SHORT STICK IN THE EYE... FOR THE GOOD OF THE LITTLE GUY ? The shit is out for all to see... WE GOT ROBBED !!!!... Do you need Columbo to roll up in that old peugeot and paint the picture for you ?

Now thats telling the truth.
No gun was held to these banks heads..Amen!

 

[bryanz]

every fucking loan officer and underwriter and their bosses that did not fire them are responsible... lets start there.... Should herb sandler get to keep the 2.3 billion he stole ? there is a long list of herb sandlers.... we have people sitting in prison for a lot less.... WHERE IS THE PROSECUTION FROM OUR JUSTICE DEPARTMENT ? WHERE IS THE RESTITUTION ? WHY AREN'T THE BAD GUYS IN JAIL, INSTEAD OF IN WELFARE LINES FOR TAX PAYER MONEY ?

 

[Terryray]

Stick it to 'em bryanz!

Stick it to 'em bryanz!

wow! I did't know Columbo drove a Peugeot (a 1959/1960 model 403 Grande Luxe Cabriolet - convertible)

 

[rusty]

Rusty may I ask you how old you are? Don't take this personal but you sound like a young college age fella hyped up on lattes. I have read these political posts for several weeks without responding, because frankly there was little substance. But what Equity trader posted is solid proven facts. There is no blame to be put on any one pair of shoulders, it was a snowball that rolled and rolled and simply turned into a mountain of Poo. It is pretty pathetic to constantly here Bush this, obama that, clinton this and bla bla bla. Until people realize that the system in place (Washington as a whole) is not what our founding forefathers invisioned IT IS GOING TO WORSEN NO MATTER WHO IS RUNNING THE SHOW. Don't get me wrong, we still live in the greatest nation on earth. BUT, you can only tax so much before the public dumps the frikin tea overboard. History can provide so much information on what can, and what cannot work. Too bad it's being used so little. One last tip America, cut your fuckin plastic up. This country has turned into a credit hell. If you do not have the money management know how, to save up for that 55 inch plasma. Then no fukin tv for you. Stop charging EVERYTHING. Alright back to your scheduled Bush this, obama that, bullshit.

Im 42.Guess again.You state his article has proven facts,with a libertarian spin,when infact the whole article is right wing conservative.I would guess then that you must be a libertarian ,that is a right wing conservative in disguise.

BTW,I get a kick out of the libertarians .who have alot to say but short of a government take over ,do nothing.Stop wasting time ,and try finding solutions within government, or organize a army,what can I say.

 

[DOGS THAT BARK]

FACT: Repubs had control of congress under Clinton. They didn't change anything you are talking about.
FACT : Bush had SIX long years of everything he wanted. He didn't change anything you are talking about.I am no fan of Clinton and Gawd knows he is dirty but so is your boy Bush. The sad thing is that Bush had the clout to stop it. But he was more interested in Iraq.

What part of above did you fail to read--go back and read and your questions will be answered.

 

[DOGS THAT BARK]

Dog,
Lets get real.Ive seen people lose there homes.
I know hard working people ,who with Arm loans ,have lost there homes.If you want prove,take a look at your own neighberhood.

Ok,the poorer cities have been hit hardest,but dont make it seem that people with decent paying jobs ,the suburbs havent been effected,thats just not true.

Ok lets get real--why would a person take out an ARM unless he couldn't afford a fixed rate (buying too much house) if rates go lower in future he can refianance--if they go higher -he's locked in at lower. Only person I could see buying ARM is if he had intent to sell before rate expired( a speculator)


What am I missing--:shrug:

-on own neighborhood or anyone--I can honestly say I can think of 1 person I know that has lost their home.

 

[Chadman]

The thing I am having a hard time with is that in my view the original author of this thread is clearly trying to drum up business for his service and website. It doesn't make me want to read his thoughts, it makes me suspicious of why he is being so "helpful" and why he wants to take the time to "share" with us. The first essay had the link. I believe the second one was more of a soft sell, and didn't have it. Now, we see the link again.

Just a personal opinion and observation. GLTA.

 

[Chadman]

Also, not too sure I would put much faith in a site that seems to be a penny stock tout site, at quick glance. But, to each their own, I guess. :shrug:

 

[bryanz]

how did we get here

how did we get here

ANOTHER FUCKING POSTER BOY ! 8 BILLION WORTH OF FRAUD.....http://network.nationalpost.com/np/blogs/posted/archive/2009/02/18/241418.aspx.... MOST OF THIS TRASH IN THIS THREAD IS BULL SHIT.... WHEN DID IT START AND BA BA BA BA BA ... LOCK THE FUCKING CROOKS UP !!! THIS GUY LOOKS LIKE YOUR BASE DTB...

 

[bryanz]

Ok lets get real--why would a person take out an ARM unless he couldn't afford a fixed rate (buying too much house) if rates go lower in future he can refianance--if they go higher -he's locked in at lower. Only person I could see buying ARM is if he had intent to sell before rate expired( a speculator)


What am I missing--:shrug:

-on own neighborhood or anyone--I can honestly say I can think of 1 person I know that has lost their home.

THE ONLY THING YOU ARE MISSING IS... WHO GAVE THEM THE LOAN... & WHY ???? YOUR STARTING TO SOUND LIKE CLINTON AGAIN !!! ARE YOU SURE YOUR NOT A LAWYER ?