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What ever happened to "My fellow Americans, ask not what your country can do for you, ask what you can do for your country." ---I think the liberal icon John Kennedy would be ashamed of what his country has turned into.
Wel first, look at the students at Howard....all members of the "gimme, gimme" crowd. This student reminds a good deal of the lady that said "Obama is gonna pay for my car" when the first campaign was in full swing.
Bull crap. If government didnt guarantee trillions of dollars in bad mortgages, then they wouldnt have made and the economy wouldnt have collapsed..
Most of the bad mortgages were held by unregulated entities, whose greed clouded their vision.
The narrative that it was policies that allowed poor people to own their own homes; that it was the big bad government forcing banks to do something they didn't want to do, Barney Frank was a boogie man, etc., just misses the real cause.
For some data, start here: ”More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions….Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.”
Quote:
As economist Robert Gordon has written, the lenders that made the bulk of subprime loans weren’t even covered by government laws to encourage homeownership. In fact, 94 percent of high-cost loans were totally unconnected from government homeownership laws.
Most of the bad mortgages were held by unregulated entities, whose greed clouded their vision.
The narrative that it was policies that allowed poor people to own their own homes; that it was the big bad government forcing banks to do something they didn't want to do, Barney Frank was a boogie man, etc., just misses the real cause.
upwards of 97% of ALL mortgages in america are government guaranteed, so saying that 84% of the mortgages were held by private entities is not enough information and ridiculous, unless you back it up by saying HOW MANY OF THEM WERE GUARANTEED.
Thats like saying you borrowed money from your brother, and because he's unregulated, this means he's greedy, and you dont need to pay it back.
Come on, stop embarassing yourself, you're smart enough to know that simply being a private entity, doesnt mean that they dont have guarantees. Private entitites get guarantees, but still remain private and unregulated.
upwards of 97% of ALL mortgages in america are government guaranteed, so saying that 84% of the mortgages were held by private entities is not enough information and ridiculous, unless you back it up by saying HOW MANY OF THEM WERE GUARANTEED.
Thats like saying you borrowed money from your brother, and because he's unregulated, this means he's greedy, and you dont need to pay it back.
Come on, stop embarassing yourself, you're smart enough to know that simply being a private entity, doesnt mean that they dont have guarantees...
If the government guaranteed 97% of the loans, then private mortgage insurance from AIG wouldn't have been necessary. But holders of the mortgages did buy private insurance to protect their CDOs in case the mortgage borrower didn't pay.
The fact is that it was deregulation coupled with short-term thinking on the part of financial companies that caused the crisis.
upwards of 97% of ALL mortgages in america are government guaranteed, so saying that 84% of the mortgages were held by private entities is not enough information and ridiculous, unless you back it up by saying HOW MANY OF THEM WERE GUARANTEED.
Thats like saying you borrowed money from your brother, and because he's unregulated, this means he's greedy, and you dont need to pay it back.
Come on, stop embarassing yourself, you're smart enough to know that simply being a private entity, doesnt mean that they dont have guarantees. Private entitites get guarantees, but still remain private and unregulated.
Whether 100% home mortgages are federaly funded or guaranteed in part or whole,you can't believe the federal government knew that the mortgages were being bundled and sold.
Frankly, I'm surprised at how civil those students were considering how condescending, and inarticulate, Paul was during that speech.
He gave a great history of the Republican Party pre-1964.
I'm also amused that the OP, while frothing at the mouth about something that DIDN'T happen, somehow overlooked the part where Mr. Paul told the students that he's never, ever, ever, I-swear-to-God been opposed to the Civil Rights Act. When his clearly stated opposition to the Civil Rights Act is on videotape and readily available to anyone who cares to look.
Do you really believe that Freddie mac and Sallie Mae were the main reasons for the 2008 collapse?
He obviously does but he's just wrong. It's a narrative that's been debunked many times.
But the right-wing ideological is hostile to the very idea of using government to serve the public good. For 25 years the right has been denigrating the public sector, telling us that government is always the problem, not the solution. The consequences of that ideology is how the Bush Administration took Clinton's effective FEMA, appointed his friends who had no experience with disasters and created an ineffective FEMA to respond poorly to Katrina. But FEMA was effective before and was very effective dealing with Hurricane Sandy.
The fact is that government is an effective tool that can make American lives better. Government eradicated diseases by freely issuing vaccines; Social Security runs on a 1% overhead rate -- less than any financial company; and if private insurance kept premiums to the level Medicare costs down per beneficiary, insurance rates would be 1/3 lower than they are today.
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