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For over a decade, right wing economic policies have been enacted and the results have been absolutely horrible - historically horrific... so what do conservatives do? Do they realize that their economic policies failed and adopt new ones? Nope. They blames everyone else. They blames liberals. They blame the poor. Anyone and everyone else.
Democrats enabled conservatives. This all started in the late 90s, when Democrats joined in more corporate policies... repealing Glass-Steagall was the beginning, and then when Bush took office, the era of deregulation hit absurd levels.
The conservative dream. Phil Gramm, he was a major advocate for deregulation and also created what would later be called the Enron Loophole was all part of the right wing dream.
It happened. The immature children took over and destroyed our economy and if that weren't bad enough, they refuse to acknowledge the damage that their policies have done and yet even worse would do it all over again.
We now continue in 2013 with right wing denying and blame... "...it's poor people who couldn't afford homes... it's ALL THEIR fault..."
Nobody forced financial institutions to conduct irresponsible lending. Any comment to the contrary is an absolute lie. Responsible financial institutions simply didn't engage in such poor business practices. One can look to PNC who didn't enagage in such practices.
So why did so many financial institutions do it? Because they didn't care. They had their dream deregulations, and that's what happens. They didn't care who the borrowers were. Many were going to sell the loans.
Most rational people know all of this and have for a long time now, but not conservatives who are in their irrational, immature bubble.
So please conservatives, keep posting irrational, childish right wing garbage to distract and defend your horrible economic policies.
Banks either played the game or had to fight the DOJ on "discrimination" charges.
Banks complied. They ended up selling those mortgages to the government in many cases so it was really no sweat off their back. It was a very "cozy relationship".
And we saw what happened when you give loans to people who have bad credit and little to no income.
And we saw what happened when you give loans to people who have bad credit and little to no income.
Sub primes, low/no doc loans, interest only, and ARMs have been around for decades. VA loans have historically enabled vetrans to buy homes with no skin in the game. FHA insured loans allowed low income buyers with good credit to buy with minimal down payments.
FNMA/FHLMC have been buying/holding/selling mortgages since their respective formations.GNMA has guearanteed VA/FHA mortgages since their inception.
There have been regional bubble/bust real estate cycles throughout history. Some of those regional busts took more than a decade to begin recovery. Florida, parts of California, Arizona, Boston and the NY tri-state area have been through these cycles many times.
If the only issue on the table in 2008 was a heck of a lot of sub prime loans in default or more likely to do so, the banking system likely could have absorbed these losses and moved on.
Last edited by middle-aged mom; 02-10-2013 at 10:10 AM..
I think it refelcts the governamnt shift to welth sharing goig o sincve the mid 60's. Prior those who say got thsoe laons and evn governmnet assictance for down payment and even closing would have nt gotten them. Other than that its just the shift to whatever truns you on with secular;gredy society now days.
For over a decade, right wing economic policies have been enacted and the results have been absolutely horrible - historically horrific... so what do conservatives do? Do they realize that their economic policies failed and adopt new ones? Nope. They blames everyone else. They blames liberals. They blame the poor. Anyone and everyone else.
Democrats enabled conservatives. This all started in the late 90s, when Democrats joined in more corporate policies... repealing Glass-Steagall was the beginning, and then when Bush took office, the era of deregulation hit absurd levels.
The conservative dream. Phil Gramm, he was a major advocate for deregulation and also created what would later be called the Enron Loophole was all part of the right wing dream.
It happened. The immature children took over and destroyed our economy and if that weren't bad enough, they refuse to acknowledge the damage that their policies have done and yet even worse would do it all over again.
We now continue in 2013 with right wing denying and blame... "...it's poor people who couldn't afford homes... it's ALL THEIR fault..."
Nobody forced financial institutions to conduct irresponsible lending. Any comment to the contrary is an absolute lie. Responsible financial institutions simply didn't engage in such poor business practices. One can look to PNC who didn't enagage in such practices.
So why did so many financial institutions do it? Because they didn't care. They had their dream deregulations, and that's what happens. They didn't care who the borrowers were. Many were going to sell the loans.
Most rational people know all of this and have for a long time now, but not conservatives who are in their irrational, immature bubble.
So please conservatives, keep posting irrational, childish right wing garbage to distract and defend your horrible economic policies.
The adult knows better.
LOL...of course they do, that's politics. Take credit for everything good and blame everything else on the opposition.
Which is exactly what you just did in the post. You glossed over the dems complicity as just going along as if they had no choice.
Clinton jumped on board with deregulation because it helped juice the economy artificially. You know, the big "budget surpluses" people like to brag about. He signed the repeal you mentioned AND NAFTA....oh and Biden, Kerry and Kennedy also joined ranks with the republicans in signing NAFTA. Ever heard of those guys?
See, it's us adults that recognize that the dems and reps are BOTH deep in the pockets of big business. It's the children that are so partisan they can't see that.
Nobody forced financial institutions to conduct irresponsible lending. Any comment to the contrary is an absolute lie. Responsible financial institutions simply didn't engage in such poor business practices. One can look to PNC who didn't enagage in such practices.
Here ya go Joe...
Quote:
Agreement Reached on Overhaul of U.S. Financial System
Gramm had maintained that he did not want anything in the bill that would expand the application of the Community Reinvestment Act because it was, he said, unnecessarily burdensome to banks. He had sought a provision that would exempt thousands of smaller banks from the law. He also wanted a provision that would expose what he has described as the "extortion" committed by community groups against banks by requiring the groups to disclose any special financial deals the groups extract from the banks.
But the White House found that provision unacceptable and had its own ideas about community lending. It wanted the legislation to prevent any bank with an unsatisfactory record of making loans to the disadvantaged from expanding into new areas, like insurance or securities.
The White House had insisted that the President would veto any legislation that would scale back minority-lending requirements. Four days of intense negotiations between Summers, Gene Sperling, the President's top economic policy adviser, and Gramm, while moving the two sides closer, failed to resolve the differences.
Such was the state of play Thursday evening when Gramm decided to force the issue by having the House-Senate conference committee vote on his proposed compromise, which the White House had already rejected for failing to block banks with bad lending records from expanding to new businesses.
When Gramm's measure was defeated by one vote, it quickly became clear that there would be no law unless Gramm could get some Democrats to break from the White House.
But Administration officials had spent all day making sure that the Democrats remained solidly against the measure until their concerns about the Community Reinvestment Act could be worked out.
Sub primes, low/no doc loans, interest only, and ARMs have been around for decades.
Yes, but they typically weren't widely available to low/no income people until sometime in the mid 90's.
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