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For the same reason that many will not admit that the policies that proceded Obama were also a complete failure.
You mean the peanut farmers "fair housing act", where the lefties forced banks to lend money for mortgages to people who couldn't afford them.....therefore raising housing prices to record levels, which caused many people to be pigs and use their homes as ATM's and are now underwater?
You think you are awake? How did the post Soviet system work? It didn't because what passes for old style capitalism today, isn't. The welfare system is a failed reaction to the zombies of faux conservatives. The unholy wreck of false America feeds the welfare state.
If this "wreck" has indeed happened, Grumpy, Obama was the bus driver.
And, don't forget, you were sitting in the front seat, egging him on.
The great majority of bad loans were done by non-bank lenders like Ameriquest, Countrywide and New Century. The CRA didn't apply to them. No one was forced to lend on these subprime loans by any governmental agency. They were done purely for greed.
They are never made without an entity like Freddie and Fannie willing to buy them. All three were guilty of breaking the law in Sarbanes/Oxley but yet not a single person there have been prosecuted. Why do you suppose that is?
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They could charge 5.0%+ in points and fees upfront and then bundle and sell the paper through a company like Goldman Sachs for up to another 7%. That 12% is before any of the high interest rates being charged was collected. That was on loans with little to no income documentation and questionable appraisals. Goldman, et al would then turn around and sell the "AAA-rated"*** paper to unsuspecting pension funds, etc.
This is simply not true. A large majority were done with absolutely nothing down. This isn't to defend G.S. as my above question apply's to them also. They were able to "negotiate" their fines which was a complete joke. How many of us would turn down the chance to steal $100,000 with the only penalty being a fine of $20,000?
You mean the peanut farmers "fair housing act", where the lefties forced banks to lend money for mortgages to people who couldn't afford them.....therefore raising housing prices to record levels, which caused many people to be pigs and use their homes as ATM's and are now underwater?
Those types of policies?
Lefties just don't get it.
Not only "lefties".
Bush did absolutely nothing to stop this as he needed that housing bubble money to finance his wars.
And the housing market crash had nothing to do with liberal agenda of forcing lenders to give mortgages to unquaslified minority borrowers?
Certainly, some of the buyers were unqualifed and that was a mistake. W was in on it too, with his "ownership society" schtick.
However, the major driver was the complete disregard for any sense of responsibility by the lenders. They sold loans they knew were garbage, but they knew if they repackaged them, they would be someone else's problem.
None of this point to the "abject failure" of liberal economics. In fact, if Glass-Steagal, a real liberal economic policy, had not been repealed we would likely not have had the problem in the first place. It is completely disingenuous to blame the recession on liberals, but what else is new?
Certainly, some of the buyers were unqualifed and that was a mistake. W was in on it too, with his "ownership society" schtick.
However, the major driver was the complete disregard for any sense of responsibility by the lenders. They sold loans they knew were garbage, but they knew if they repackaged them, they would be someone else's problem.
And we rewarded them for that and continue to do so. Ask yourself why this is.
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None of this point to the "abject failure" of liberal economics. In fact, if Glass-Steagal, a real liberal economic policy, had not been repealed we would likely not have had the problem in the first place. It is completely disingenuous to blame the recession on liberals, but what else is new?
Glass/Steagal isn't a "conservative or liberal" policy. It was an economic policy. Neither side complained about it until both sides had something to gain by getting rid of it.
We know how that turned out. Why didn't we simply re-institute Glass-Steagal as opposed to the mess that is Dodd/Frank?
You mean the peanut farmers "fair housing act", where the lefties forced banks to lend money for mortgages to people who couldn't afford them.....therefore raising housing prices to record levels, which caused many people to be pigs and use their homes as ATM's and are now underwater?
Those types of policies?
Lefties just don't get it.
The govenment forced No One to give loans they did not want to give and many lenders never gave such loans.
When will "CONservatives" figure out that most Americans know they lie on a regular basis
The govenment forced No One to give loans they did not want to give and many lenders never gave such loans.
When will "CONservatives" figure out that most Americans know they lie on a regular basis
You do not believe government restricted redlining?
The govenment forced No One to give loans they did not want to give and many lenders never gave such loans.
When will "CONservatives" figure out that most Americans know they lie on a regular basis
This is what community organizers did at the local level. They threatened banks with economic chaos if they did not play along and give more loans to the local community.
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