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This country was built on catering to and providing for the needs of the elite and wealthy. And now it's time to change that abusive situation and repopulate the middle class. One man's work is not worth one hundred million times that of another.[/quote]
I agree, but what if the elites' overreaching helped create the welfare class?
The elites' "overreaching" did NOT create the welfare class's birth rate that's 3 times that of everyone else's. That happens because the welfare class is deliberately PAID to breed.
Fannie Mae's former chief credit officer begs to differ...
No, he doesn't "Beg to differ."
First, his figures fail to correspond with mine. I said $1.5 trillion in lending per year, and his figures say $2.2 trillion spread across 10 years. So like I said, the bulk of the problems originated on Wall Street, not with Fannie and Freddie.
Second, he creates his own personal definition of the word "subprime."
Pinto’s work is based on a series of faulty assumptions and serious methodological flaws. Pinto’s controversial conclusion that federal housing policies were responsible for 19 million high-risk mortgages is based on radically revised definitions for the two main categories of high-risk mortgages, subprime loans and so-called Alt-A mortgages, which refer to loans with low documentation of income and wealth.
Pinto’s claim that there were 26.7 million subprime and Alt-A loans outstanding (out of roughly 55 million total) as of June 30, 2008, is exponentially higher than other estimates. In a 2010 report, the nonpartisan Government Accountability Office, the research arm of Congress, found there were only 4.58 million subprime and Alt-A mortgages outstanding at the end of 2009, less than one-fifth of Pinto’s estimate.
Because of Pinto’s anomalous findings, Wallison largely elides over the role of so-called “private-label” mortgage-backed securities in causing the crisis despite the large amount of attention these financial instruments received elsewhere, including in the FCIC majority’s report.13 This private mortgage financing channel, which does not involve the federal government at all and was policed only minimally, generated only 13 percent of outstanding loans but was responsible for 42 percent of serious delinquencies.
Pinto makes numerous other serious errors in his analysis. Case in point: In analyzing the influence of the Community Reinvestment Act, a 1977 antidiscrimination law that simply requires regulated banks and thrifts to lend nondiscriminatorily to low- and moderate-income borrowers and communities within the immediate geographic areas surrounding branch offices of a deposit-taking institution, Pinto includes a large quantity of loans that were not required by CRA or any other equivalent law or regulation. This mistake, coupled with some unsupported assumptions about the riskiness of CRA loans, produces a shockingly high estimate of 2.24 million “subprime” and “high-risk” loans attributable to CRA. This compares to a finding of 378,000 CRA-eligible loans originated during the housing bubble by other leading researchers.
Of course, we've been over this before, I've shot the same holes in the same argument. As usual you don't learn from your mistakes, you have no interest in the truth, you only want to advance your agenda.
So do you believe taxes is punishment? When you pay property taxes do you believe the govt. is trying to punish you for owning property? Or could it be that the govt. has to have the revenue to pay for schools and roads etc.
Don't believe GOP talking points. The revenue has to come from some where. It has nothing to do with punishment. The only exception to that would be sin taxes. That actually is a punishment. Taxes used as deterrent and for revenue.
Property taxes are local, and benefit my community. The federal government has no business taking my money, laundering it through layers of bureaucrats, then giving less back to my community. Roads and schools are NOT their business.
And do NOT tell me what to believe. I know taxes are a part of life. But to tax the so-called rich MORE than the rest is not right. Or FAIR. Particularly in light of the fact that so many pay NO taxes, and in fact get money back.
And if you think taxing the rich is not punishment, you libs are dumber than you appear. It's class warfare.
You've used this guy, and his arguments, before. First, his figures fail to correspond with mine. I said $1.5 trillion in lending per year, and his figures say $2.2 trillion spread across 10 years.
You missed the $7 trillion and the other cited stats? Hmmm...
Quote:
Second, he creates his own personal definition of the word "subprime."
No, he does not. He specifically cites credit scores, debt to income ratios, etc.
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Third, the guy is a partisan hack who works for the AEI.
His credentials FAR outweigh yours. He was Fannie Mae's chief credit officer. He has access to the actual facts.
Do NOT tell me what to write, think, or say. There's still a Constitution, in spite of the attempts of the Liberal wackjobs in this country.
Profiteering. Breaking the Backs. Nothing but talking points-of-the-day from Media Matters and MoveOn.org.
I heard an interesting observation the other day, about the big difference between liberals and conservatives.
Liberals think there are only winners and losers. So if someone is successful (wins), then someone else had to lose for that to happen.
Conservatives on the other hand, know that if someone becomes successful, everyone wins.
You Libs really are terrified. Your panties are in such a tight wad you can't control your outbursts. I'm enjoying the sport.
Yes, enjoy watching Rome burn like most conservatives do. Their goal is to be right even if the whole thing crashes to the ground and people suffer in the process. You laugh at other people's suffering. We all know conservatives are heartless, you just helped confirm it.
Your assessment of liberals and conservatives is way off base. As a mostly liberal I don't think in terms of winners and losers. Success lifts most boats, but success nowadays is abusive. The more, more, more mantra has turned our country into ruins with untold millions getting nothing despite their hard work while the few (and fewer) get the spoils, ALL of the spoils. The tipping point is near and despite your idiotic belief that liberals are responsible for all that ails the world (you really think liberals undermine the Constitution and conservatives don't?!), everyone should be concerned.
Property taxes are local, and benefit my community. The federal government has no business taking my money, laundering it through layers of bureaucrats, then giving less back to my community. Roads and schools are NOT their business.
And do NOT tell me what to believe. I know taxes are a part of life. But to tax the so-called rich MORE than the rest is not right. Or FAIR. Particularly in light of the fact that so many pay NO taxes, and in fact get money back.
And if you think taxing the rich is not punishment, you libs are dumber than you appear. It's class warfare.
Don't believe the propoganda. Federal Taxes pay for the military, FBI, Interstate Highways, etc. They use taxes to pay for them. We have established that you are not against taxes per se. So if taxes is not punishment, why is taxing the wealthy punishment? Where do you expect the revenue to come from?
Yes, enjoy watching Rome burn like most conservatives do. Their goal is to be right even if the whole thing crashes to the ground and people suffer in the process. You laugh at other people's suffering. We all know conservatives are heartless, you just helped confirm it.
Incorrect. They're pragmatic. Our country simply CANNOT financially sustain a dependent welfare class that has a birth rate 3 times that of everyone else's.
All of the welfare freebies and handouts have conditioned generations of welfare recipients to sit back, breed, and collect more and more.
How is that sustainable? Don't just name call, tell us how liberals plan on financially supporting an exponentially increasing dependent class.
We're going to get another 5 years of recession because the Republicans are going to win in 2012 (because lets face it, the Dems are the the biggest idiots ever when it comes to PR). All they can do is cut cut cut, which is going to gut gut gut the middle class. Maybe after 5 more years of Republican BS, the public will realize the private sector impotence at job creation.
Warren for president in 2016!!
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