"Obama Caused the Crash"

Started by roadkill

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Posted by roadkill
  11,673 13 Feb 2018, 1:56 pm

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roadkill » 13 Feb 2018 12:04 pm wrote:
The FCIC was created in 2009 and effectively closed in 2011...although there's still a site to view stuff.

The FCIC was created to make it look like things were being investigated to sooth the public.

The FCIC was a big pile of dog shit!

The FCIC was designed to make the banks look like the boogei man, (not that they were altogether blameless), but it was the government's policies that caused the financial crisis.

"Indeed, most of the commission majority’s report was taken up with anecdotes about how financial-institution managers and regulators failed to recognize the growth of the housing bubble and prevent the buildup of subprime and other weak mortgages in the US financial system.

Since this was the acknowledged cause of the financial crisis, a commission charged with determining what caused the crisis should want to find out why there was such a massive accumulation of subprime and other risky loans–the “toxic mortgages” described above–that defaulted in the mortgage meltdown. Why, for example, did the underwriting standards that had prevailed for many years in the US mortgage market suddenly begin to deteriorate in the early 1990s? If the financial crisis was in fact caused by the default of these mortgages, why these weak and risky mortgages were created was clearly a key question for the commission’s inquiry. Unfortunately, neither the commission majority nor the THH dissenters made any significant effort to address this central issue.

In effect, both the majority report and the THH dissent treat the existence of 27 million weak loans as a “given”–a starting point for which no explanation is required.

The one element in the 2008 financial crisis that was completely unprecedented was the presence of 27 million subprime and other risky mortgages; never in the past were half of all mortgages in the United States in danger of delinquency and default when a housing bubble deflated. Treating this factor as a given is a classic case of ignoring the elephant in the room, and it prevented the commission majority and the THH dissenters from gaining a clear understanding of the mechanism through which the 2008 crisis came about.

In any event, what the majority report failed to recognize or communicate is that brokers do not finance mortgages. Before they make a mortgage, they must have a buyer to provide the financing. The reason that brokers were so active during the housing boom is that they could always find a buyer for the mortgages they were originating–and most of the time that buyer was Fannie, Freddie, FHA, a subprime lender involved in a HUD program, or a bank that needed certain kinds of mortgages to comply with the CRA. If those government mandates had not existed–if the GSEs and others had not been required by law to buy affordable-housing loans–many fewer subprime and other risky mortgages would have been originated. Subprime lending would have remained what it was before 1992, a niche business. Instead, the commission majority argued that the brokers were the source of the problem–as though regulating their activities was the solution to excessive subprime lending rather than ending the government mandates that made it possible for brokers, whether unscrupulous or honest, to find buyers for the subprime or other risky mortgages they originated."

http://www.aei.org/publication/the-lost ... ommission/

In other words...the FCIC was not created to report the true core causes of the financial crisis, the government. Rather, it was created to put a report in a pretty package with a pretty bow without reporting any details of the true culprits of the financial crisis. The FCIC was a politically driven smoke screen.

The subprime loans were the creation of willingly ignorant and corrupt politicians.

Whether we hate the banks or not...the government was the driving force behind what the banks did and were allowed to do, honestly or dishonestly. The FCIC was established to point the finger of blame at the banks and not the politicians who were originally responsible for the whole FUCKING mess.


Looks like CP is working with Bv to deflect from Obama's corruption...they are now a tag-team. :)
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Posted by Misty
  27,680 13 Feb 2018, 2:14 pm

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roadkill » 13 Feb 2018 12:18 pm wrote:
The FCIC was created in 2009 and effectively closed in 2011...although there's still a site to view stuff.
The FCIC was created to make it look like things were being investigated to sooth the public.
The FCIC was a big pile of dog shit!
The FCIC was designed to make the banks look like the boogei man, (not that they were altogether blameless), but it was the government's policies that caused the financial crisis.
"Indeed, most of the commission majority’s report was taken up with anecdotes about how financial-institution managers and regulators failed to recognize the growth of the housing bubble and prevent the buildup of subprime and other weak mortgages in the US financial system.

Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?

Here's a little hint.

http://www.mcclatchydc.com/news/politic ... 04598.html
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Posted by roadkill
  11,673 13 Feb 2018, 2:27 pm

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Misty » 13 Feb 2018 1:14 pm wrote:
Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?

Here's a little hint.

http://www.mcclatchydc.com/news/politic ... 04598.html


"Freaked Out: McClatchy Upset GOP Wants Liberal Media Bias as Centerpiece of Midterms"

Just another leftist rag.

Post fail.
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Posted by Termin8tor
  15,868 13 Feb 2018, 2:29 pm

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Misty » 13 Feb 2018 1:14 pm wrote:
Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?

Here's a little hint.


Bush played a small role, but it was liberal Democrat philosophy, liberal Democrat policies, liberal Democrat institutions and liberal Democrat bullying of banks that primarily caused the crisis.


Who do Democrat Talking Point Liars blame? Anyone except liberal Democrats. :\
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Posted by roadkill
  11,673 13 Feb 2018, 2:31 pm

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Misty » 13 Feb 2018 1:14 pm wrote:
Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?

Here's a little hint.

http://www.mcclatchydc.com/news/politic ... 04598.html


"Private sector loans, not Fannie or Freddie, triggered crisis"


Yes...they made bad loans under pressure from Obama's ACORN grassroots pressure...then Fannie and Freddie bought em up.

Small banks were under huge pressure from the race-baiters to hand out subprime loans.

You really should research the evolution of what happened from the beginning.
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Posted by nuckin futz
  23,480 13 Feb 2018, 6:28 pm

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Blackvegetable » 13 Feb 2018 9:59 am wrote:
who could possibly be stupid enough to actually sit through that video?

the Financial Crisis Inquiry Commissionestablished by Congress concluded:

https://www.cbsnews.com/news/loans-to-l ... al-crisis/


That is true! The CRA had NOTHING to do with the crash!

Road Scum becomes an instant expert when on You Tube, and he's back for another ass kicking!

Here is Alan Greenspan'd APOLOGY LETTER for fucking up:

https://youtu.be/R5lZPWNFizQ
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Posted by nuckin futz
  23,480 13 Feb 2018, 6:32 pm

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Google: Phil Gramm, the prick who set the table for deregulation:

More:

https://youtu.be/PWen53eqmJo
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Posted by roadkill
  11,673 13 Feb 2018, 7:04 pm

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nuckin futz » 13 Feb 2018 5:28 pm wrote:

That is true! The CRA had NOTHING to do with the crash!

Road Scum becomes an instant expert when on You Tube, and he's back for another ass kicking!

Here is Alan Greenspan'd APOLOGY LETTER for fucking up:

https://youtu.be/R5lZPWNFizQ


"The CRA had NOTHING to do with the crash!"



I thought you gave up LSD a long time ago.
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Posted by nuckin futz
  23,480 13 Feb 2018, 8:10 pm

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roadkill » 13 Feb 2018 6:04 pm wrote:

"The CRA had NOTHING to do with the crash!"


I thought you gave up LSD a long time ago.


You're just pissed that niggers got loans, you could,'t get!

NOTE: Virtually all mortgages that failed were VARIABLE RATE LOANS, which Greenspan preached were great. Then about 2006 he started jacking up the Fed rate, upon which variable rate loans were based upon, and that's when the problem began!If he would have kept rates low, few of these loans would have gone sour!

Your dishonesty(or stupidity) is telling because the crisis happened during Bush's term!2008! :loco:
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Posted by Bigsky
  57,044 13 Feb 2018, 9:22 pm

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nuckin futz » 13 Feb 2018 7:10 pm wrote:

You're just pissed that niggers got loans, you could,'t get!

NOTE: Virtually all mortgages that failed were VARIABLE RATE LOANS, which Greenspan preached were great. Then about 2006 he started jacking up the Fed rate, upon which variable rate loans were based upon, and that's when the problem began!If he would have kept rates low, few of these loans would have gone sour!

Your dishonesty(or stupidity) is telling because the crisis happened during Bush's term!2008! :loco:

I'm pretty sure that the problem was that we americans live like fucking hogs at the trough, we don't save and are leveraged to the gills.....that sir is the problem....like it or not.
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Posted by nuckin futz
  23,480 13 Feb 2018, 9:41 pm

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Bigsky » 13 Feb 2018 8:22 pm wrote:
I'm pretty sure that the problem was that we americans live like fucking hogs at the trough, we don't save and are leveraged to the gills.....that sir is the problem....like it or not.


That is true!It used to be called "keeping up with the Jones's".Now, its keeping up with the Rockefellers! :rofl:
Its a credit/debt driven society, and folks live beyond their means. Its materialism run wild!

No one wants to appear to be poor!
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Posted by Misty
  27,680 13 Feb 2018, 10:04 pm

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roadkill » 13 Feb 2018 1:27 pm wrote:
Misty » 13 Feb 2018 1:14 pm wrote:
Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?
Here's a little hint.
http://www.mcclatchydc.com/news/politic ... 04598.html
"Freaked Out: McClatchy Upset GOP Wants Liberal Media Bias as Centerpiece of Midterms"
Just another leftist rag.
Post fail.

How dare them quote Federal Reserve Board data, that leftist rag.

This thread is the biggest fail I have ever seen in my 10 years on political forums.

Have any of your fellow wingnuts even backed you up on this crazy theory?

"Obama Caused the Crash"
:die:

roadkill » 13 Feb 2018 1:27 pm wrote:
"Freaked Out: McClatchy Upset GOP Wants Liberal Media Bias as Centerpiece of Midterms"

You call McClatchy a leftist rag and then you post that shit from wingnut Newsbusters.org?

OMG! It just gets funnier.
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Posted by Misty
  27,680 13 Feb 2018, 10:12 pm

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Termin8tor » 13 Feb 2018 1:29 pm wrote:
Misty » 13 Feb 2018 1:14 pm wrote:
Riddle me this roadkill.
During which years were most of these subprime and weak mortgages issued and by whom?
Here's a little hint.
Bush played a small role, but it was liberal Democrat philosophy, liberal Democrat policies, liberal Democrat institutions and liberal Democrat bullying of banks that primarily caused the crisis.
Who do Democrat Talking Point Liars blame? Anyone except liberal Democrats. :\

Yeah, we've heard that shit 1000 times from you, you sycophantic lickspittle.

So do you agree with roadkill that "Obama Caused the Crash?"
:rofl: :rofl: :rofl:
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Posted by roadkill
  11,673 13 Feb 2018, 10:14 pm

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Misty » 13 Feb 2018 9:04 pm wrote:
How dare them quote Federal Reserve Board data, that leftist rag.

This thread is the biggest fail I have ever seen in my 10 years on political forums.

Have any of your fellow wingnuts even backed you up on this crazy theory?

"Obama Caused the Crash"
:die:

You call McClatchy a leftist rag and then you post that shit from wingnut Newsbusters.org?

OMG! It just gets funnier.


Get help Mz. Obsessed.
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Posted by roadkill
  11,673 13 Feb 2018, 10:20 pm

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nuckin futz » 13 Feb 2018 7:10 pm wrote:

You're just pissed that niggers got loans, you could,'t get!

NOTE: Virtually all mortgages that failed were VARIABLE RATE LOANS, which Greenspan preached were great. Then about 2006 he started jacking up the Fed rate, upon which variable rate loans were based upon, and that's when the problem began!If he would have kept rates low, few of these loans would have gone sour!

Your dishonesty(or stupidity) is telling because the crisis happened during Bush's term!2008! :loco:


It it started during Bubba's term you brain dead roof mooch.
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Posted by Misty
  27,680 13 Feb 2018, 10:38 pm

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roadkill » 13 Feb 2018 9:20 pm wrote:
nuckin futz » 13 Feb 2018 7:10 pm wrote:
Your dishonesty(or stupidity) is telling because the crisis happened during Bush's term!2008! :loco:
It it started during Bubba's term you brain dead roof mooch.

So if you believe that then how the fuck do figure Obama caused it?

Do you think Forbes is a 'leftist rag' too?

It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.

More than 84 percent of the sub-prime mortgages in 2006 were issued by private lending.

These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

Out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations.

The nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion.

The lenders who made these were exempt from federal regulations.

https://www.forbes.com/sites/stevedenni ... 8063f9f92f
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Posted by nuckin futz
  23,480 13 Feb 2018, 10:41 pm

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Road Scum and Squirminator will soon be forgotten, being nothing more than tales told by idiots,
full of sound and fury, signifying nothing! :roll:
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Posted by nuckin futz
  23,480 13 Feb 2018, 10:53 pm

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roadkill » 13 Feb 2018 9:20 pm wrote:

It it started during Bubba's term you brain dead roof mooch.


No it didn't you lying asshole! Your stupidity is embarrassing!2008! 2008! 2008! :twisted: :roll:
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Posted by roadkill
  11,673 13 Feb 2018, 11:05 pm

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nuckin futz » 13 Feb 2018 9:53 pm wrote:

No it didn't you lying asshole! Your stupidity is embarrassing!2008! 2008! 2008! :twisted: :roll:


Keep chasing that LSD rainbow Mr. Independunce.
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Posted by roadkill
  11,673 13 Feb 2018, 11:06 pm

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Misty » 13 Feb 2018 9:38 pm wrote:
So if you believe that then how the fuck do figure Obama caused it?

Do you think Forbes is a 'leftist rag' too?



Obama is a leftist rag and you own him now!
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