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Why don't people admit the damn truth. Both party's have failed us miserably, and both party's share in the guilt of delivering to us bad economys.
Some of us can actually admit our side, is far from perfect, guilty, and liars, just as the other side is. Stop making excuses that one side is better then the next, one side is more brainwashed, more then the other, you have it backwards.
And stop with the damn excuses Bush has been gone how long now, what did Obama do in his 4 years, that he promised us he would do, unify the Country and all it's people, Bull, lessen our Debt Bull, not spend as past Presidents without first talkint to both sides, that is real Bull. And give to us a more prosperous Country, and that is the biggest bull of all.
BentBow has it right.
One side is so gosh dang guallable, it is so laughable beyond any words. One side sells you by throwing the bull, and bull they give out. Both sides have failed this Nation, and Obama in his past 4 years, never lived up to his Promise of bringing to us a Prosperous more Unified Nation.
If anything the Country has gone down hill, is more divisive then ever in my lifetime. And people who never ever were on food stamps or welfare, for the first time in their life under this administration, they now found themselves, in that situation.
Middle class won't admit it, but under this administration, they suffer deeply, and sorry to say, their suffering ain't going to end anytime soon.
To sit here and post it is one side over the other, is beyond sutpdiity, beyond words, and beyond having a brain in one's head. Both sides, soon as you admit the damn truth to yourself, better the rest of us will be. Or continue with your ignorance, and it will be that ignorance that will give most of us grief.
Both parties did not "fail" us. Both parties sold us down the river to the criminal gangsters that OWN THEM.
That's the reality. It was not a mistake .... not incompetence ... not bad luck ... it was designed, diabolical fraud, the likes of which has never before been committed on such a massive scale.
W and the GOP destroyed the economy from their insane spending to their corporate cronies and starting a false war in Iraq.
Just a reminder, armed conflict in another country has to be approved by congress. For "W" to have started a "false war" in Iraq, the democratic congress had to approve it..
Now, since we have established the congress approved this war, and you attribute it to corporate cronies, that means they were democrats and the corporate democrat cronies had their democratic senators and representatives that were in their pockets approve the war, THEN, "W" could send in the troops.
I love it when someone says we need a 3rd party....
Hell, I want two parties, now!
The progressive cancer has taken hold in politics. The Democrats were taken over completely by Progressives, after the Civil rights issue that shunned "Conservative" Democrat, LBJ for signing the civil rights bill, that the Republicans had been pushing since the 1950's.
For awhile now, you have Progressive controlling values entering the Republican party. After the civil rights deal, if you can't beat them, join them. The Progressives infiltrated the Republican Party slowly. The plan was working, until 2010 and a few in the media woke the people up and paid a price with their careers. A hardcore Conservative movement ignited. Ron Paul's message of freedom was getting out, but only on the internet. The TV. media silenced all Conservative views. They promoted the "moderates" Yes moderate, meaning a Progressive Republican. Progressive.
Ronald Reagan, both Bush's, McCain and Mitt Romney, are/were all Progressive Republican, that has skewed the Conservative recognition, that the Republican party was suppose to represent.
I want two parties.
Conservative Constitutionalist
&
Progressive Social Engineers.
Just a reminder, armed conflict in another country has to be approved by congress. For "W" to have started a "false war" in Iraq, the democratic congress had to approve it..
Now, since we have established the congress approved this war, and you attribute it to corporate cronies, that means they were democrats and the corporate democrat cronies had their democratic senators and representatives that were in their pockets approve the war, THEN, "W" could send in the troops.
Thank you democrats, for destroying our economy!
W, Rumsfeld and his cabinet lied to congress and the american people about how Saddam "has WMD's and we know where they are" and that if we don't invade now, he will use them on america. It was later found out this was false. Some democrats only supported Iraq at first for the safety of america, the GOP supported it to bankroll their cronies.
W and the GOP should have been arrested for war crimes.
The part you're leaving out is that most of the buyers who used those policies--the policies intended to make home ownership attainable to working class people--weren't individual home owners. They were speculators during the "flip this house" craze. In 2006 over a third of all house US purchases were made by people who already owned at least one house, and in states with the biggest housing crash it was well over half. Because they didn't plan on holding the properties for more than a few months, they didn't care about their interest rate or the terms of the mortgage--it was all about putting down a minimal amount of money up front and then reselling for a higher price quickly. The buying frenzy drove up prices, especially in states like Arizona, Florida, Nevada and California. When prices started to correct themselves and fall, the speculators were the ones who defaulted like dominos--they were holding multiple properties for less than they paid for them, so they went into foreclosure. That trickled down to individual homeowners, who were suddenly way under water on their mortgage through no fault of their own.
If those lending policies would have been limited to individual home owners, who DID plan on staying in the home long term and shopped around for the lowest mortgage rate and better terms, they wouldn't have seen the massive defaults that drove prices even further to the bottom.
W and the GOP destroyed the economy from their insane spending to their corporate cronies and starting a false war in Iraq.
I can say you are partially correct. the gop, aided by the liberal left, is helping destroy the USA. both political groups have been killing off the USA since woodrow wilson was in office.
Be aware that if the only thing hitting the fan was sub prime, the banking industry could have absorbed the losses.
- The U.S. has trended towards reduced regualtion of the markets for decades, regardless of who sat the oval or held the majority of both chambers.
- Securitization of mortgages has been around for decades.
-FNMA is approaching 80 years old. FHLMC is pushing 45 years old.
-Sub primes have been around for ages.
-Ajustable rate loans have been around for ages.
-No/low doc loans have been around for ages.
-FHA loans ( the original sub prime mortgage) has been around forever.
-VA 100% financing has been around since WW2.
-CRA is decades old.
-FRB spin master Greenspan temporarily approved the merger of Citi and Travelers and then held a gun to the heads of Congress to repeal aspects of Glass-Steagall to allow U.S. banks to compete with global bankls who had no such restrictions.
-Gramm-Leach made the merger legal and made certain CDO investments remained unregulated.
-HUD has been increasing manadates for how much affordable housing loans FNMA/FHLMC should buy, for decades.
-- Spending cuts f continuously erroded regulation.
- Some loan officers were crooks. Some buyers were willing partners in crime.
How did all these things combine into a perfect storm?
The economy was on shaky ground before 9/11. The FRB mismanaged monetary policies after 9/11. It pushed interests rates no next to nothing and global investors were hungry for better ROI and willing to take more risks to get it. Wall Street delivered. Rating agencies gave these highly structured CDO investments a AAA rating. Investors could not buy enough of them. Everyone was making too much money to care or question how this was possible. CDO production peaked in 2006, right about the time the housing market began to soften.
And then the melt down began. There's nothing partisan about it.
I'm accessing Bush his fair share of the blame. This notion that the Dems wrecked the hunky dory U.S. economy beginning on January 2007 is pure BS. This messwas created by all of us, but Bush is hardly blameless. He put his fingerprints on the mortage crisis long before the Dems took over, when he had both the House and Senate in his back pocket.
The unintended consequences of a cascade and all that....
The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.
Oh really? I would like to sort through these failed home loans. Where do I sign up?
On what basis were they too poor to keep them? I actually had a PLAN to keep a home loan if I had gotten one. Live in one room and rent out all the other rooms, thereby collecting enough rental income to pay the mortgage and live in the house for (almost) free.
This isn't rocket science, I've known a half dozen people who have dome this.
A heck of a lot of people bought homes with no skin in the game. A heck of a lot of people prematurely withdrew temporary paper equity in their homes and used it to live beyond their means. They shared a common child like hopeful fantasy that somehow the value of housing was going to increase at double digits and do so indefinitely. They clearly did not understand that housing over time, tends to be one of the worst performing assets classes from an investment perspective. But heck, we all have to live somewhere.
There were and are things people can do to keep their homes out of foreclosure, including, as you suggested, taking borders in. This was common stuff during the Great Depression.
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