GDP: US Economy grows at fastest pace in nearly two years. God Bless Bidenomics.

QP! said:
I will point out again the precipitating action that caused the cascade of mortgage failures in 2008 WAS NOT poorer people getting loans they qualified for thanks to Dodd Frank. It was the mass numbers of completely fraudulent loans that Dodd Frank in now way allowed for to be written.

Dodd Frank or not, if the masses of those subprime (NINJA, etc) loans are be written and accepted into the Mortgage stacks bundles, that were completely fraudulently written, they still cause the same problems in those bundles and the cascading failure.


It WAS a failure in the banking segment to enforce the laws, but of course they wanted to point the finger at 'The Poors', as they ALWAYS do and they have an army of Trump derps always willing to do that dirty work and lie.
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The lies are YOURS.
The loans were NOT fraudulently written. The BUNDLES were fraudulently marked as AAA rating.
The banks caused it, led by the Federal Reserve.
 
Into the Night said:
The lies are YOURS.
The loans were NOT fraudulently written. The BUNDLES were fraudulently marked as AAA rating.
The banks caused it, led by the Federal Reserve.
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Don't forget that the ratings agencies, principally Standard and Poor's, as well as Moody’s and Fitch in the whole debacle. Time magazine named Kathleen Corbet, the president of S&P, one of the top 25 people to blame for the 2008 financial crisis.

https://www.investopedia.com/insigh...Kathleen Corbet,for the 2008 financial crisis.
 
Into the Night said:
The lies are YOURS.
The loans were NOT fraudulently written. The BUNDLES were fraudulently marked as AAA rating.
The banks caused it, led by the Federal Reserve.
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He's an arsehole pure and simple, how else can you describe somebody that uses a still from a really bad film as an icon? Joel Grey was a fine actor so what the fuck possessed him to agree to yellow face and bad prosthetics to play a Korean baddy in the execrable film Remo Williams: The Adventure Begins. You can be sure this bastard would be one of the first to castigate a white actor in blackface.

 
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Into the Night said:
I'm not forgetting them at all. They certainly helped caused the crash.
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I contend that they were a big part of the problem, nobody would have bought CDOs unless the likes of S&P hadn't given them high ratings.

The Return of CDOs: Is Another Economic Crisis on the Horizon?

How big was the CDO market in 2007?

After the crash, the market for CDOs virtually disappeared. In 2006 and 2007, about $386 billion worth of CDOs were issued, according to ProPublica. By the end of 2007 and through 2008, those numbers plummeted, and the market evaporated almost entirely. The news was out: CDOs were toxic.

https://www.businessnewsdaily.com/10353-cdo-financial-derivatives-economic-crisis.html
 
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Cypress said:
Three years ago, Donald Trumpf practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions.
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so the economy only sucks ass instead of going down the tubes.......proud?......
 
Concart said:
And it was almost entirely due to a lack of regulations on the banking and mortgage industries. Pretty hard to pin that on Democrats, eh?
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actually, since it happened under Clinton and Bush was called racist by Barney Frank and the Black Caucus for pointing out the risk, I find it really, really easy to pin on demmycrats......
 
Joe Capitalist said:
Follow the timeline:

2002: Bush Jr. Signs the American Dream Downpayment Act
2004: The Mortgage Bubble begins. People start buying homes with no money down. Homes they can't afford but Bush Jr wanted to put 5 million low-income Americans in homes.
2007: The Bubble starts to burst as the Low-income buyers walk away from the homes they can't afford.
2008: The Mortgage Meltdown and Bush Jr Recession send the economy in the tank causing the worst economic crisis in 80 years.

Bush Jr: One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.
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none of that would have been a problem if the federal government hadn't bundled and GUARANTEED high risk loans....that's on Clinton and the folks Obama put on his cabinet as financial advisors.....
 
QP! said:
The loans that were written and crashed in the sub prime crisis where NOT ones that fit into Barney Franks legislation. They failed and should have been rejected and never made them in to the stack.
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and yet they were.....because under the system set up by the Clinton appointee, the feds guaranteed the bundled high risk mortages would be paid in full, not just the 5% down payment previously guaranteed.....
 
Obama_Phone said:
stock markets are a deceptive store of wealth.

nobody is actually richer until they sell the stock, and if people start selling the stock the price plummets.

stock markets allow people to feel rich while giving them nothing.

very stupid.

A false sense of SECURITIES.
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sounds like the housing market of 1998 to 2007.....
 
Quote Originally Posted by ThatOwlWoman View Post
I'm sure that must be true. Everyone knows when a (D) in the WH, the economy goes to shit.
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I didn't expect you to be honest......that's way out in left field.....but thanks......
 
Joe Capitalist said:
MAGA morons were hoping and praying for a market crash that would devastate America when Trump was president?
Once again Serendipshit, you seem very confused.
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you fuckwits weren't just hoping and praying for it.......you caused it......"let's put half the country on unemployment! That'll do it!".......
 
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