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I really dont care if wiki is wrong calling her a senior senator
she JUST BECAME a senator...she is a JUNIOR senator....senators like John Kerry are SENIOR (time served) senators
Determination of seniority
A senator's seniority is primarily determined by length of continuous service: a senator who has served for 12 years is more senior than one who has served for 10 years. Because several new senators usually join at the beginning of a new Congress, there are eight tiebreakers
whom ever wrote the wiki site for warren got it wrong
Jesus, this is why republicans will keep getting their asses handed to them election after election. This argument has been hashed out a thousand times -- the CRA was far too small to have any impact on the housing bubble or collapse. The more y'all bring up the CRA, the dumber you look.
And the GOP has no answer for Fannie and Freddie , either, so I don't know why you expect Warren to. We can eliminate them, but then the housing market would collapse completely. Fannie and Freddie are what facilitate sales at the existing price levels. No more GSE's, no more mortgages, no more functional housing market. No more housing sales means uncontrollable private-sector deflation, which means 1930's-style problems.
Fannie and Freddie are now the dumping grounds for banks' crappy assets, so you can bet that she wants to do something about it, but nobody in America seems to have any good ideas. Republicans won't even broach the issue except to mention Barney Frank.
CRA WAS an issue. It's not the biggest issue by any stretch but it WAS an issue. Holding toxic assets with an iffy return ratio encourages risky investment by the holders of that debt to courter expected losses.....Regardless...the biggest problem is the FED's manipulation of the monetary system, the malinvestment their artificially depressed interest rates induced, the history of fed bailouts to keep prices "stable," the removal of any real market mechanism in interest rates, the false idea that housing is an "investment," and the commonthink that houses are an infintely appreciating asset. Further...in 2006 Bernanke ramped interest rates up and skewed the inversion curves creating higher short term rates and lower long term rates......banks don't operate this way. The only way banks could hedge their bets to stay profitable was riskier investments......another fed induced issue.
Literally every problem in the housing bubble (and any other bubble for that matter) can be reduced to the fed's horsesh*t expansionary monetary policy which exists almost exclusively to prevent deflation because deflation sucks for debtors (like the fed)...everything else is merely a reaction. You don't send a kid outside with no coat and then give him cough syrup to fix the cold...you give the kid a coat.
If Warren wants to talk about the issue...thats it.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
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She gets my support, if only for her positions on these commonsense, long overdue issues (give 'em hell, Elizabeth!)...
Ms. Warren has supported a simpler, stronger Volcker Rule, the regulation that bars big banks from betting with their own money. She has also pushed for a new version of the Glass-Steagall Act, the now-repealed law that kept commercial banks out of securities businesses. And she may be sympathetic to arguments to break up big banks.
I say go her if she's serious and for reals about this !!!, Also perhaps she should join forces with the green party who also see the need to break up the big banks. We need a newer version of the New deal, and some trust busting measures, as we have things right now and not just with the banking/financial industry we have WAY to many oversized companies that are smothering the smaller companies. Such as the telecommunications companies which is why I'm shocked a company like Metro PCS is not only around but still doing well.
CRA WAS an issue. It's not the biggest issue by any stretch but it WAS an issue.
No it wasn't. It was too small to have any impact.
Quote:
Holding toxic assets with an iffy return ratio encourages risky investment by the holders of that debt to courter expected losses.
CRA loans were not toxic assets, for one.
And two, firms like Countrywide, the biggest lender of subprime mortgages, weren't even subject to CRA rules. According to the FCIC , 94% of subprime loans came outside CRA firms and outside CRA loans.
Quote:
....Regardless...the biggest problem is the FED's manipulation of the monetary system, the malinvestment their artificially depressed interest rates induced, the history of fed bailouts to keep prices "stable," the removal of any real market mechanism in interest rates, the false idea that housing is an "investment," and the commonthink that houses are an infintely appreciating asset.
Which has what, exactly, to do with Elizabeth Warren ?
Quote:
Literally every problem in the housing bubble (and any other bubble for that matter) can be reduced to the fed's horsesh*t expansionary monetary policy
So, why are you blaming it on the CRA? How in the world does any of this reflect poorly on senator warren ?
No it wasn't. It was too small to have any impact.
CRA loans were not toxic assets, for one.
And two, firms like Countrywide, the biggest lender of subprime mortgages, weren't even subject to CRA rules. According to the FCIC , 94% of subprime loans came outside CRA firms and outside CRA loans.
Which has what, exactly, to do with Elizabeth Warren ?
So, why are you blaming it on the CRA? How in the world does any of this reflect poorly on senator warren ?
I'm saying if she wants to approach this issue with ANY shred of intellectual honesty she needs to addresss the real problem (federal reserve)...otherwise she is just trying to carve our her piece of the left wing pie because apparently it's hip these days to hate banks.
And I'm not blaming the entire financial calamity on CRA. I'm saying that it isn't good policy to mandate banks subjected to it's regulation to hold an arbitrary % of loans from those who any underwriter would deem uncredityworthy.
What reflects poorly on her is her unwillingness to address the real issue in lieu of targeting the same failed narrative regurgitated by morons like Barney Frank and Chris Dodd.
Doubtful. This is the very thing that spurred Warren on to run for office. The GOP refused to support her as Obama's pick to head up the Consumer Financial Protectin Bureau.
Here is Warren a few years back which really caught my attention. If you have not seen it, worth watching and this will tell you what Warren is all about...she is definitely Wall Street's worst nightmare.
Doubtful. This is the very thing that spurred Warren on to run for office. The GOP refused to support her as Obama's pick to head up the Consumer Financial Protectin Bureau.
Here is Warren a few years back which really caught my attention. If you have not seen it, worth watching and this will tell you what Warren is all about...she is definitely Wall Street's worst nightmare.
Lovely. A lawyer by trade with a chip on her shoulder plans on being disasterous for our capital markets. If she wants to really deal with our problems she needs to be grilling Bernanke and Greenspan. She is moron, tantamount to a doctor treating a cancer patient for heart disease.
Lovely. A lawyer by trade with a chip on her shoulder plans on being disasterous for our capital markets. If she wants to really deal with our problems she needs to be grilling Bernanke and Greenspan. She is moron, tantamount to a doctor treating a cancer patient for heart disease.
This should work out really well.
Yeah, uh huh, okay...Warren is a moron I hope she joins forces with Senator Sanders and wreaks havoc on the Banksters and everyone involved. Can you point to even one GOP counterpart that has the integrity to take any of them on? Wait, we could have had Scott Brown instead of Warren...he really would've shown 'em.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
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The Ayn Rand fanatics & ''true believers'' will never accept the fact that this recession proved the Free Market can't be trusted to regulate itself.
"I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," Greenspan said.
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I hope she joins forces with Senator Sanders and wreaks havoc on the Banksters and everyone involved. Can you point to even one GOP counterpart that has the integrity to take any of them on? Wait, we could have had Scott Brown instead of Warren...he really would've shown 'em.
