This sums it up pretty well

[Damocles]

Do you really want a society where people have to get a degree in finance before they can safely buy a home?

Do you realize what that will do to the housing market?

They knew that they could afford only so much, no matter how many times you attempt to otherwise suggest. They were even "convinced" to get in "before interest rates rise and they get too expensive" all while getting adjustable loans which would inevitably rise..

I expect people to use common sense.

I also expect us to use some as well when considering how much we should do to help. Foreclosure is not the end of the world, or even of your credit. It isn't terminal by any means to future success. However, not learning a lesson does create the terminally ignorant. Plus I don't want to give cash to the companies who lost in the game of hot potato. They were stupid to be playing to begin with.

I also don't want to subsidize the bubble that will just burst later and have to be shored up again.

 

[Cancel 2016.2]

Damo the run up in price coincided with the escalation of these loans. They had been around for a decade and not create this escalation. They were a small cost of business during those years. They were not a big profit maker now were they? The only reason they started writing them in the numbers they did was they found a way to profit from them.

Congress Sends Financial Services Reform Bill to President
Washington, DC, November 5, 1999 - On November 4, the Senate approved the conference report on S. 900, the "Gramm-Leach-Bliley Financial Modernization Act," by a 90-8 vote. A few hours later, the House of Representatives passed the conference report by a 362-57 vote. The votes are historic steps for financial modernization legislation, which has been considered in Congress for more than 20 years. The President is expected to sign S. 900 shortly."

Even if you choose to blame the majority of the problems on this one bill.... look at the numbers Desh. It was widely supported by Dems and signed into law by a Dem. They are just as responsible as the Reps for this law. PERIOD.

 

[Damocles]

Damo the run up in price coincided with the escalation of these loans. They had been around for a decade and not create this escalation. They were a small cost of business during those years. They were not a big profit maker now were they? The only reason they started writing them in the numbers they did was they found a way to profit from them.

An escalation in the run up. Again it exacerbated the problem. Do you not understand the words?

It made it worse (that's what exacerbated means). I agree with that, however the prices were already artificially high when they created that law, the problem was already there. People were already warning against a housing bubble along with the Tech bubble and were being ignored. They were just so very hard to hear over those crowing shouts of how great they were for passing the laws that were creating a housing bubble.

 

[evince]

How about making the law changes in a timely manner to avoid such disastors?

They did not because it was the only thing fueling the economy at the time. They traded away the future economy to get re elected.

 

[Cancel 2016.2]

can you go get the history of the law so we can go through it?

What history do you want desh? You have already posted a thread on the various bills that were enacted prior to this one. Neither party was unaware that this provision for mergers was in the bill. Unless of course you are saying the Dem politicians are idiots.

 

[Damocles]

How about making the law changes in a timely manner to avoid such disastors?

They did not because it was the only thing fueling the economy at the time. They traded away the future economy to get re elected.

How about allowing banks to set their own risk assessments and simply requiring them to disclose them?

How about not mucking around in them when they are not professional bankers or economic experts and certainly not qualified to make such risk assessments or even determine long-term effects of their new laws on future markets?

We shouldn't be hoping the same idiots who pass a law like this are going to suddenly be wise enough to see the bubble about to burst so they'll pass another that is just as stupid. Emergency laws are almost always the most flawed laws passed. I don't want people who, as a group, messed it up to begin with desperately trying to plug the hole just as the water is getting to the rim of the boat.

 

[Cancel 2016.2]

How about making the law changes in a timely manner to avoid such disastors?

They did not because it was the only thing fueling the economy at the time. They traded away the future economy to get re elected.

Yes, we have already agreed that the Reps did nothing either. Restating that does not change the fact that the Dems didn't do shit either. Passing a bill is not the only way to make the public aware. They could have easily made it a campaign issue in 2002, they did not. In 2004, again they did not. In 2006... not positive on this one, but I do not recall any Dem led initiative to do so.

So again, it was BOTH parties that kept championing the "higher home ownership"

 

[Dilloduck]

How about making the law changes in a timely manner to avoid such disastors?

They did not because it was the only thing fueling the economy at the time. They traded away the future economy to get re elected.

THAT'S WHAT POLITICIANS DO BEST.

They just make sure that it's YOUR future that gets traded--not theirs.

 

[gonzojournals]

That is from your perception. There are peopel who do abuse it to some extent but these problens could be cured with better education in the inner cities and rural areas and job training and like programs. You would rather blame than really solve any of this though. It would be better to teach these people who to fish instead of giving them a fish every day huh?

It would be better to cut them off from fish and let them learn how to fish on their own like everyone else did.

 

[evince]

yeah that will get them working and paying taxes. Let them drown.

 

[evince]

Yes, we have already agreed that the Reps did nothing either. Restating that does not change the fact that the Dems didn't do shit either. Passing a bill is not the only way to make the public aware. They could have easily made it a campaign issue in 2002, they did not. In 2004, again they did not. In 2006... not positive on this one, but I do not recall any Dem led initiative to do so.

So again, it was BOTH parties that kept championing the "higher home ownership"

Wow where did that happen and I missed it? All I remember hearing was I was wrong and it was really the fault of Dems years ago.

 

[Cancel 2016.2]

Wow where did that happen and I missed it? All I remember hearing was I was wrong and it was really the fault of Dems years ago.

It is the selective reading glasses you are using. That is the only explanation. Because both Damo and I have stated that the Reps did nothing since Bush took office. But we have been attempting to explain to you why it was not JUST the Reps who are to blame. We have been attempting to explain to you that it was BOTH parties that were in error. That both parties supported the 1999 legislation. That BOTH parties were a part of the problem that began in 1992 and continued until today.

 

[Cancel 2016.2]

Wow where did that happen and I missed it? All I remember hearing was I was wrong and it was really the fault of Dems years ago.

You were Wrong in trying to put the blame largely or solely on the Reps and lenders and trying to excuse the Dems and borrowers.

 

[evince]

Nope Im not the crisis came on their watch , they had complete control of the government at the time and did nothing. Its on their watch and they get the blame.

 

[Cancel 2016.2]

Nope Im not the crisis came on their watch , they had complete control of the government at the time and did nothing. Its on their watch and they get the blame.

Gotcha.... you shall keep your party blinders on and remain a political hack. The fact that your dems did nothing either you choose to remain ignorant rather than accept it.

Since that is the case, we shall leave this thread with you being a complete hack who ignores every bit of evidence that you are 100% wrong.

 

[Cancel 2016.2]

Nope Im not the crisis came on their watch , they had complete control of the government at the time and did nothing. Its on their watch and they get the blame.

So by your definition.... the tech bubble bursting is because of Clinton since it came on his watch.

 

[Damocles]

So by your definition.... the tech bubble bursting is because of Clinton since it came on his watch.

No, in this case she'll blame the congress...

No matter how many times you make it clear that the beginning was when people who were not banking experts began to play with how loans were made...

It is all of their faults. Plain and simple, for the past two decades we have had some of the worst fricking fiscal policy. Shoot for almost 5 decades it has been pretty darned bad. But heck! More homeowners than ever before!

 

[theMAJORITY]

I have to say--I do agree with some of the dems running on this subject--but the dems and rpublicans are responsible for this. Forget the fight between the left and the right on this one--it is a smoke screen. I keep telling you guys---we are forced to elect rich cock suckers that really don't care about us as a whole. The rich corps get this leglislation passed----and Billy has the tax free off shore accounts for evidence. I bet Bush has a few offshore accounts himself.

 

[uscitizen]

"More people owning homes" is "good intentions".... Again you are being disingenuous.

Nope I just see the real reason the laws were changed to allow this mess to happen. you are the one wearing rose colored glasses walking down the road kicking horse turds singing yankee doodle dandy.

 

[Damocles]

Nope I just see the real reason the laws were changed to allow this mess to happen. you are the one wearing rose colored glasses walking down the road kicking horse turds singing yankee doodle dandy.

Ah, I see. You assign less intention. My point was they did it so they could say that, not because they actually meant it to be well, and that people like Desh would believe it because they can't find anything wrong with a law passed by people in their own groups. Even if it does attempt to micromanage banks at a level they have no aptitude, experience, or expertise in.