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More Democrat insanity! For "alternative scoring models" read "we are going to shovel out mortgage money to people who can't pay it back and don't deserve it because it makes us feel good and they'll vote Democrat." This is the worst kind of pandering and shows that Democrats are more than prepared to drive the nation into the ground.
More Democrat insanity! For "alternative scoring models" read "we are going to shovel out mortgage money to people who can't pay it back and don't deserve it because it makes us feel good and they'll vote Democrat." This is the worst kind of pandering and shows that Democrats are more than prepared to drive the nation into the ground.
That has been their goal for some time. And there are some in the GOP who are willing to do the same. Did anyone notice the expressions on the face of Paul Ryan when Obama gave the State of the Union address ?
He was glowing and mesmerized. I was was half expecting him to come down behind Obama and kiss his butt before the speech was over.
More Democrat insanity! For "alternative scoring models" read "we are going to shovel out mortgage money to people who can't pay it back and don't deserve it because it makes us feel good and they'll vote Democrat." This is the worst kind of pandering and shows that Democrats are more than prepared to drive the nation into the ground.
You can't teach a Sneetch-
Sylvester McMonkey McBean from "Sneetches and other Tales"- Dr. Suess
More Democrat insanity! For "alternative scoring models" read "we are going to shovel out mortgage money to people who can't pay it back and don't deserve it because it makes us feel good and they'll vote Democrat." This is the worst kind of pandering and shows that Democrats are more than prepared to drive the nation into the ground.
IBD has always been right-wing. I'm not surprised they would print this kind of drivel.
As to the topic -- they provided no evidence that "Obama" was trying to undermine FICO. They claimed it, but failed to prove it.
What is true is that lenders are abandoning FICO on their own, because they don't think it is a useful way of measuring creditworthiness. But it's not clear how widespread this abandonment is, nor would you learn about that from reading IBD editorials.
What is true is that lenders are abandoning FICO on their own, because they don't think it is a useful way of measuring creditworthiness.
What we should possibly be asking ourselves is why we meekly accept the idea that a 3-digit number - generated by a proprietary algorithm and by a private entity that can't be held to account for anything - holds such power over us?
(And before the accusations of sour apples begin, let me state for the record that I have an effin' awesome credit score.)
What we should possibly be asking ourselves is why we meekly accept the idea that a 3-digit number - generated by a proprietary algorithm and by a private entity that can't be held to account for anything - holds such power over us?
FICO is a tool of the private sector banks.
So the question isn't why we "allow FICO to hold power over us", it is why we allow the Federal Reserve Bank to be the monopoly issuer of u.s. currency. Because that's where all the other financial institutions derive their authority. Abolish the Fed and bankers are just a bunch of broke guys with fancy suits.
Granted -- abolishing the Fed without a new plan for managing the currency is guaranteed disaster. But it is not a secret where all this power and control originates.
For the rest of the story on the "BIG SHORT" do anything for votes.
"What Bloomberg failed to mention is that Obama, himself, adamantly demanded that banks make more loans to low-income borrowers. Subprime loans became the great American rip-off. Obama and the Democrats both enticed and strong-armed lenders to give loans to people who could not repay them. The plan? In exchange, grateful new homeowners would obligingly ply the Democrats with their votes.
The ugly and inevitable consequences forced the poor, mostly Hispanics and Blacks, out of their unaffordable houses through wide scale foreclosures. Home prices fell, construction workers lost jobs, the housing industry began a free-fall and America’s AAA credit rating was downgraded for the first time since 1917. The result: The worst economy in recent memory. Today, America bears the brunt of the Democrats’ manipulation of the housing market resulting in lost homes and lost jobs. Hawking for votes, Obama and liberal Democrats put politics over people."
More Democrat insanity! For "alternative scoring models" read "we are going to shovel out mortgage money to people who can't pay it back and don't deserve it because it makes us feel good and they'll vote Democrat." This is the worst kind of pandering and shows that Democrats are more than prepared to drive the nation into the ground.
They did the same thing last time when the housing bubble burst by forcing banks to loan to people (mainly minorities), that had no prayer of being able to afford a mortgage. Of course when it all went to hell, they blamed Bush even though their dirty fingerprints were all over it.
For the rest of the story on the "BIG SHORT" do anything for votes.
"What Bloomberg failed to mention is that Obama, himself, adamantly demanded that banks make more loans to low-income borrowers. Subprime loans became the great American rip-off. Obama and the Democrats both enticed and strong-armed lenders to give loans to people who could not repay them. The plan? In exchange, grateful new homeowners would obligingly ply the Democrats with their votes.
The ugly and inevitable consequences forced the poor, mostly Hispanics and Blacks, out of their unaffordable houses through wide scale foreclosures. Home prices fell, construction workers lost jobs, the housing industry began a free-fall and America’s AAA credit rating was downgraded for the first time since 1917. The result: The worst economy in recent memory. Today, America bears the brunt of the Democrats’ manipulation of the housing market resulting in lost homes and lost jobs. Hawking for votes, Obama and liberal Democrats put politics over people."
Bush could have stopped it. He didn't because he had to keep his war coalition together. There are maybe a handful of good guys in this entire episode.
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