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I can agree with that statement; a bunch of folks should still be in prision. Note that Southwest has not furloughed anyone (yet) even with more than 50% of the flightrs cancelled. Also note that every airport has received bailout money.Originally Posted by Guisslapp
ACEP and AAEM issue joint statement condemning the misinformation spread by the urgent care owners in Bakersfield, posted previously on this thread.
https://www.acep.org/corona/COVID-19...isinformation/
Forced under penalties if they didn't by the likes of Dems: Waters, Schumer, Todd, Frank beginning in 2002 and joined by Senator obummer in 2004, Congress threatened and then made it palatable for lenders by changing the rules of Fannie and Freddie and allowing insurance to cover "bad" loans lenders were handed the keys to vault. Bush signed it into law citing that as an opportunity for more Americans to realize the dream of home ownership. Large, and politically powerful organizations, like the NAR, threw their weight behind it all...and off and winging we went! Oh, how great it all was!
Then when it all collapsed we needed villains to blame...and the big, evil, RICH bankers made such an easy target. They were FORCED, at the point of the bayonet (expression), to do it in the first place, then got all the grief afterwards. Meanwhile Maxine Waters, and that bunch quietly slipped out of the side door...."don't blame us." Those are your BAD ACTORS!
Is that it? Is there nothing more? Do these ACRAP organizations offer any stats, scientific evidence to dispute Dr. Erickson, or are people just supposed to accept "Those guys are wrong"?
The egregiously bad data analysis done and spread by Dr. Erickson deserved an F-. I already told you what was wrong with it and it was blatant.
The mortgage credit risk that these banks took on was NOT the financial tsunami that took down the financial system.
It was the root cause of it all. It led to packaging mortgages and selling those as investments...higher risk loans bringing bigger returns (and risk). Etc...
Nope! you're not gonna get away with protecting your puppet masters: Maxine Waters, Chuckie Schumer and the other Dems. It was THE DEMS that caused the financial crash of 2008, and it was a DEM, the worst POTUS in history and his goofy sidekick, Quid Pro Quo Joe, that caused the weakest recovery in US history.
Rewriting history doesn't work on the BB&B Political Forum. We know better.
You do realize the GSE’s lending standards weren’t any worse than the rest of the mortgage market, right?
That total value of the subprime loans was a minuscule fraction compared to all the sidebet financial instruments that institutions were trading, such as CDSs which had a notional value of more than 650 TRILLION dollars when the house of cards fell.
It was the collapse of those bets, not the meager by comparison subprime market that did the damage. The size and extent of those financial instruments were the result of deregulation.
Details on how the Apple/Google contact tracing app works.
https://www.google.com/amp/s/www.the...antine-testing
Yes, deregulation wrought by the advent of the forced subprime mortgage market. It was all related and it all began with those Congressional hearings led by Maxine Waters, Chuckie Schumer, Chris Dodd, Barney Frank....at one time those hearings could be found on YouTube, both the 2002 and 2004 hearings. I'll go look now but I suspect they have been taken down.
For any other reading this thread...and in case you don't remember or didn't know. The gist of this financial crash was giving loans for $200K, $300K houses for people who had no business, no means to service that debt. The original roots of this dates back to Jimmy Carter who first issued an executive order during the high mortgage rates of the late 1970's designed to allow lenders to work with folks. 99% of all lenders stayed away from it back then. Then Bill Clinton stepped it up with an executive order and/or getting Congress to pass a law that would allow lenders to take some liberties designed to help more folks buy a house. But that measure left it 100% voluntary and again 99%+ of lenders shied away from it. It wasn't until the Maxine Waters-led Congressional committee got involved...and YES! Pres. Bush signed it into law...that it changed from voluntary to mandatory under threat of penalties. And, in 2004, it was Congress and Pres. Bush again, that made it more acceptable to lenders with deregulation and the changing of laws for Fannie and Freddie and all of that.
Bankers, and others, were like...let me get this straight, you want us to make loans that we KNOW can't be serviced and for each loan we will make HUGE amounts on origination fees, etc...and then you will make us whole for every loan default, and if we don't agree to this, we'll have to pay HUGE fines? Congress: Yes, that is correct. Bankers: Oh, in that case, where do we sign up?
The total subprime mortgage market in 2008 was around 500 billion. The size of the sidebets that were being traded was over 650 trillion. Even if all the subprime loans went bad, that ALONE wouldn’t take down the financial system. It was all the leveraged risk taking in the financial instruments that caused the collapse.
Btw, the consumer credit debt was around 14 trillion in 2019. Not sure what it is now.
Again...well, not arguing that the subprime mess was the sole cause. I have said it opened the door, thanks to those Dems forcing/threatening lenders. The lenders were refusing to do it, just as they had when Carter first gave them a chance, then later when Clinton made it even more possible, and then again in 2002 when the Waters committee revisited the matter under the guise of opening up the housing market to segments of the population who were struggling to secure mortgages. It took Congress in 2004, with threats (a stick) and guarantees and deregulation (a carrot) before lenders finally acquiesced.
But, you know all of this. So stop playing that silly "bankers be greedy and bad" card and the Congressional Dems who drove the whole mess are not responsible.
I am not even talking about the lending. It was the folks designing and trading derivatives that took on magnitudes more risk than the underlying mortgage the instrument was based on.
There was a documentary on all of that...might can find it on YouTube. Very interesting...very sad too. People did get greedy, but those who were hurt the most were done so by people like pension fund managers and the like. In that documentary it showed a province in Norway or Sweden that invested heavily in the mortgage-backed investment vehicles and got clobbered when the bottom dropped out. Their whole pension fund for retired public workers crashed. A whole lot of people jumped in and played the game and some got filthy rich but most took a hit. Oh well, so sorry, so sad. They saw only how much could be made and disregarded the risk.
I didn't invest even one dime in any of that mess. My mortgage banker went ballistic when I first asked him about it all. I admit when it all first coming out, in late 2003 into 2004, I was curious about it. I asked him how can a bank afford to make loans below the prime rate, meaning they would lose money on every loan. He explained that's not what the "sub prime" was referring to. And quickly added, this bank won't be participating in any of that scheme. Most small, local and regional banks did not get involved.
What was that huge insurance company that went bankrupt? And all those brokerages. like Lehman Brothers, that tanked. A price was paid by many. And it all traces back to Maxine Waters, Chuckie Schumer, Chris Dodd, Barney Frank and later joined by Barry Hussein Obummer.
Now...hasn't it been nice to reflect back on a historic economic collapse and forget about the current one? Needed a break from today's reality.
We now return you to your regularly scheduled programming...
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