Democrats push to eliminate the debt ceiling, allow unlimited government borrowing

Walt said:
What separated subprime mortgages from prime mortgages is regulation. Republicans want fewer of the regulations that would have prevented 2008.
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what would have prevented 2008 would have been keeping the US government from guaranteeing the underlying debt in remarketing bundles of subprime mortgages.......that wasn't a mistake in not overseeing the banks......that was a mistake of actively involving Fannie and Freddy in a ponzi scheme.......for that you can blame Clinton........later Obama appointed some of the same idiots who set it up to his cabinet......
 
PostmodernProphet said:
what would have prevented 2008 would have been keeping the US government from guaranteeing the underlying debt in remarketing bundles of subprime mortgages.......that wasn't a mistake in not overseeing the banks......that was a mistake of actively involving Fannie and Freddy in a ponzi scheme.......for that you can blame Clinton........later Obama appointed some of the same idiots who set it up to his cabinet......
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There is so much that is clueless about what you just wrote, it is hard to even find something to make sense of.
 
Walt said:
There is so much that is clueless about what you just wrote, it is hard to even find something to make sense of.
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???....seriously?.....are you unaware that the federal government guaranteed the debt so that the bundles of subprime mortgages could be sold?.......were you unaware that this was approved during the Clinton presidency?.......were you unaware that the fact the federal government had to pay off the debts is what kept us from just letting the people who were stupid enough to buy bad loans from losing what they paid for it?....if you were unaware of those irrefutable facts I guess the whole mess wouldn't make sense to you.......educate yourself...
 
PostmodernProphet said:
are you unaware that the federal government guaranteed the debt so that the bundles of subprime mortgages could be sold?.......were you unaware that this was approved during the Clinton presidency?
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The United States Government did not guarantee the repackaged mortgage debts. If they had, there would not have been problems for the holders of the repackaged mortgage debts. I do not know where you got the idea the US Government had guaranteed them.

Could you mean the government underwrote Fannie Mae and Freddie Mac? Those were just two possible buyers of repackaged mortgage debt. They were bailed out, but were not guaranteed, and their mortgages were certainly not guaranteed.

I am just guessing what you meant, because you are very outside reality here. Fannie Mae and Freddie Mac were allowed to buy extremely limited numbers of subprime mortgages when Clinton was President. Bush demanded they buy huge amounts of subprime mortgages when he was President. There were no guarantees on those mortgages, the diversity of the market was supposed to protect them from systemic default.

PostmodernProphet said:
were you unaware that the fact the federal government had to pay off the debts is what kept us from just letting the people who were stupid enough to buy bad loans from losing what they paid for it?.
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Back to the bailouts. They were not guaranteed ahead of time. They were put in place to prevent systemic collapse. They were mostly loans, so were paid back. The government made a profit off them.
 
Walt said:
The United States Government did not guarantee the repackaged mortgage debts. If they had, there would not have been problems for the holders of the repackaged mortgage debts. I do not know where you got the idea the US Government had guaranteed them.

Could you mean the government underwrote Fannie Mae and Freddie Mac? Those were just two possible buyers of repackaged mortgage debt. They were bailed out, but were not guaranteed, and their mortgages were certainly not guaranteed.

I am just guessing what you meant, because you are very outside reality here. Fannie Mae and Freddie Mac were allowed to buy extremely limited numbers of subprime mortgages when Clinton was President. Bush demanded they buy huge amounts of subprime mortgages when he was President. There were no guarantees on those mortgages, the diversity of the market was supposed to protect them from systemic default.



Back to the bailouts. They were not guaranteed ahead of time. They were put in place to prevent systemic collapse. They were mostly loans, so were paid back. The government made a profit off them.
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I'm sorry......if you are totally unaware of what was going on, don't post about it.......good by and good riddance......
 
ptif219 said:
I have explained what they need to do. You democrats have no idea what the baseline budgeting system is and have no idea how the budget process is supposed to work. There should never be omnibus bills
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Ok, then stopping pushing this false idea that the Debt Ceiling, is the issue, and that it would be right for the GOP to vote against raising it, and stick instead to the issue of omnibus bills.


I am glad you are admitting now the debt ceiling is not the problem and it should be raised. I am glad you realize not raising it, does nothing to address the debt already accrued in the PAST, and will only add to the debt and make it more expensive.

So if your goal is to add more debt, and make the interest payments on it higher, you support not raising the debt ceiling. If you do that you cannot PRETEND you are against debt, as you are voting, not only for more debt, but for more expensive debt.
 
AssHatZombie said:
to be fair, so did dems.

giving loans to dead beats is also problematic. do you always have to be a fool?
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There was no regulations that allowed for loans to dead beats.

The problems with the sub prime crisis, was things like NINJA loans (No Income, NO Job) which were not in fact legal but due to weak regulations and enforcement flooded the system. If there was more required regulations to verify the loans, instead of GOP pushes to dismantle that ability, (same as they do with IRS to make sure they cannot enforce laws), the 2008/9 crisis would not have happened.
 
PostmodernProphet said:
what would have prevented 2008 would have been keeping the US government from guaranteeing the underlying debt in remarketing bundles of subprime mortgages.......that wasn't a mistake in not overseeing the banks......that was a mistake of actively involving Fannie and Freddy in a ponzi scheme.......for that you can blame Clinton........later Obama appointed some of the same idiots who set it up to his cabinet......
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FALSE.


None of that becomes an issue, if the underwritten loan up front, is simply required, via regulation to be verified and qualified.

That is Step 1 and if you do Step 1, no Step is a problem. Fanny and Freddie can help the banks alleviate their balance sheets of the properly issued loans, and there would be no problems. Defaults would be in line with the bundles tolerance, as it was meant to work.

It was the lack of oversight up front, pushed by the GOP, that set up the downstream failures.
 
QP! said:
There was no regulations that allowed for loans to dead beats.

The problems with the sub prime crisis, was things like NINJA loans (No Income, NO Job) which were not in fact legal but due to weak regulations and enforcement flooded the system. If there was more required regulations to verify the loans, instead of GOP pushes to dismantle that ability, (same as they do with IRS to make sure they cannot enforce laws), the 2008/9 crisis would not have happened.
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Glad to see someone here finally gets it. A large part of the problem is that every Tom, Dick and Harry decided they were qualified to be a loan broker. And the banks were so hungry for these loans that they did not care about the underwriting standards. The crooked brokers took their cut, the short term lenders took their cut, the loans ended up with MBS issuers, and the rating agencies refused to acknowledge the absolute crap that was in those instruments. Throw in some 30+ to 1 leverage and investment banks owned by S&Ls and you have the 2009 crisis. Over 80% of subprime loans were bought by private investment banks, many that Fannie and Freddie refused. This was a crisis of greed. Nothing more, nothing less.
 
QP! said:
FALSE.


None of that becomes an issue, if the underwritten loan up front, is simply required, via regulation to be verified and qualified.

That is Step 1 and if you do Step 1, no Step is a problem. Fanny and Freddie can help the banks alleviate their balance sheets of the properly issued loans, and there would be no problems. Defaults would be in line with the bundles tolerance, as it was meant to work.

It was the lack of oversight up front, pushed by the GOP, that set up the downstream failures.
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I mentioned this above but.....Fannie and Freddie bundled a very small percentage of subprime loans. Almost all were sold to private investment banks. PMPs narrative is false and has been proven false over and over again.
 
ptif219 said:
It was democrats that said there was no problem when Bush wanted changes
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Bush had the house and senate. Phil Gramm, a republican, keep trying until he got the Economic Modernization Act through. It removed banking restraints that kept banks from intermingling the people.s bank accounts and their investment services. He also gutted the FDR age regulations of Glass/Steagal. Gramm's wife was an Exon exec. I remember when Gramm got it through. It was late at night, 2 0r 3 AM. The Dems came out saying that a very dangerous act was passed.
 
I like the debt sealing, it embarrasses the Republicans every time it becomes an issue
 
Jarod said:
I like the debt sealing, it embarrasses the Republicans every time it becomes an issue
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It is a dangerous game the Reds play. Someday, perhaps this day, they will carry through with it and do serious economic damage to the US and the world. MTG and her band of merry bomb anarchists want to blow it all up. They were informed of what dangers they are playing with and they do not care.
 
Concart said:
I mentioned this above but.....Fannie and Freddie bundled a very small percentage of subprime loans. Almost all were sold to private investment banks. PMPs narrative is false and has been proven false over and over again.
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bullshit......brokers selling risky mortgages would never have found investors willing to buy them if the feds hadn't guaranteed them....
 
PostmodernProphet said:
lol.......you misspelling "ceiling" embarrasses you more than us....
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Thou hypocrite.

You have NEVER USED ANY PROPER PUNCTUATION. You post like a brain damaged toddler.

HOW DARE YOU NOTE ANYONE ELSE'S FAILURES.

What a fuckin' hypocrite. You honestly want to violate every single rule God put out don't you? WHAT IS WRONG WITH YOU??????
 
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