McSames economic advisers

deshtard your an uneducated moron an your vulgar attempt at demeaning is disgusting.
your fucking clueless on the reasons
you got nail on not understanding and you still don't after you've been schooled.
 
After the crash in mid-2002 of the "dotcom" stock bubble, Wall Street shifted its bulging investment funds into real estate speculation. Wall Street firms continued to cash in on the property boom by creating and selling mortgaged-backed securities. Traditionally, banks and insurance firms that made housing and real estate development loans carried the mortgages, and acted as investors and credit providers. They managed their own investment risks by screening carefully loan applicants.

In their unrestrained quest for quick profits, however, banks and mortgage companies invented mortgage-backed securities and sold them to banks and "non-bank" firms worldwide. They became increasingly unconcerned over whether mortgage borrowers could make necessary repayments. They shifted the risks to buyers of their mortgage-backed securities. The mortgage credit standards were relaxed and then eliminated. Banks ceased to be the lending institutions and became the "commission retailers" peddling securitized mortgage funds. Many low income families rushed to buy their dream homes without down payments, but at premium interest rates beyond the "promotional" low rates. These questionable housing loans were called "subprime mortgages."

The Fed, the Securities and Exchange Commission (SEC), and the Treasury Department all chose to wink at the mushrooming subprime mortgage loans. To hide default-prone subprime mortgages, Wall Street's alchemists sliced them and mixed them up with other bonds and created "securitized mortgage" funds that promised "higher yields." They also sold them to Japan's unsuspecting banks, pension funds, and other firms. The Bank of Japan and the Department of Financial Affairs even encouraged them to purchase American bonds and funds with the hope of propping up the US dollar.
 
wow that's comical and your retarded.
You couldn't pass a remedial economics class.
Bush Cheney destroyed democracy. Damm, good thing Obama has an IQ above room temperature unlike you and usged.
 
Toppy I dont know why you refuse to see what happened here.

It is as plain as day they care nothing about this country and only care about profit.

Consolidating profit to smalller and smaller groups as long as they are in that group.

You are not part of the group even if you think you are.
 
desh besides asshat/usged and cypress It would be hard to find someone with less knowledge than you on economics. Maybe lorax.
Instead of Bush hate garbage - try articulating what caused it. I told you what educated people think caused it.
I want Barrack more than you do, but I'm not willing to put everything including the weather on Bush or Slandar an economics professor too.
 
Topspin said:
desh besides asshat/usged and cypress It would be hard to find someone with less knowledge than you on economics. Maybe lorax.
Instead of Bush hate garbage - try articulating what caused it. I told you what educated people think caused it.
I want Barrack more than you do, but I'm not willing to put everything including the weather on Bush or Slandar an economics professor too.
Click to expand...

Actually Professor Krugman said yesterday that it has been deregulation which killed us, and that Alan Greenspan takes the biggest part of the blame for the subprime mess. He also said that people who talk about the education gap subscribe to the 80-20 theory which he called "foolish nonsense".

So basically, as I always suspected, you know jack shit Top.
 
I am blaming the whole republican party buddy boy.

McSame is just the new model they are selling.
 
Darla said:
Actually Professor Krugman said yesterday that it has been deregulation which killed us, and that Alan Greenspan takes the biggest part of the blame for the subprime mess. He also said that people who talk about the education gap subscribe to the 80-20 theory which he called "foolish nonsense".

So basically, as I always suspected, you know jack shit Top.
Click to expand...

Krugman is a smart guy even if he is sweaty.
We have gone too far in the dereg direction.
 
Desh your as dumb as the radicals on both sides.
you usged/cypress don't have a business class in college or any real world experience between you. NO wonder you believe any tool putting out trash.
It's comical you don't think the millions of borrowers who could not pay are not to blame.
 
I gave you business and economics reasons for the situation.
You gave a 7th grade cut and paste from someone who would blame his own hemroids on bush. Your not smart enough to describe how it happened.
 
Toppy you gave your spin on it.

I gave you evidence of others who have a far better grasp than you on the facts of the situation.

Tell me why GLB act has nothing to do with this?

Tell me why not inforcing the laws on brokers had nothing to do with it?
 
again you can't even articulate
I'm telling you what the consensus of economist is.
From all I can tell the only thing your good at is trolling anti bush sites. You could make a lot of money in Barack's campaign.
 
Topspin said:
Desh the subprime got millions of people into homes that otherwise wouldn't have. Not all of them are in default. Actually most of them are not.
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I was going to say, 93% of all homes are not in default. Only 7% are. This is NOT A Crisis except for the people that got themselves in over their heads on a house they should not have purchased in the first place. Too many 20 somethings watching MTV Cribs and thinking they DESERVED that life. They should have waited, saved 20% down and bought a house within their means. It is not the governments job to save the average american from their own stupidity.
 
shame on your soc, the turbo libs will lambash you for that. Sound economic discussion is not acceptable. Don't confuse them with facts and reason, they like bush hate better.
 
Socrtease said:
I was going to say, 93% of all homes are not in default. Only 7% are. This is NOT A Crisis except for the people that got themselves in over their heads on a house they should not have purchased in the first place. Too many 20 somethings watching MTV Cribs and thinking they DESERVED that life. They should have waited, saved 20% down and bought a house within their means. It is not the governments job to save the average american from their own stupidity.
Click to expand...

Agreed on the above.

That said... Desh is correct in that it was indeed the dismantling of Glass Steagall that led to this mess. Especially the 1995 Fair Lending Act that required banks to loan money for homes in low income neighborhoods in order to be "fair" and "non-discriminatory" All so the politicians in both parties could champion "more home ownership than ever before!!!".

Desh's problem lies in her need to blame the Reps entirely for the problem. She refuses to see that the bulk of the responsibility lies in the hands of the lenders and borrowers. For they are the ones that allowed and accepted the borrowers taking out more loan than they could afford. She also fails to understand that the dismantling began in 1992 under Bush, continued under Clinton and then again under Bush 2.

Desh... for your information, though Gramms bill allowed the packaging of these mortgages..... that by itself does not lead to borrowers defaulting on their loans. In the end, the responsibility is theirs for taking out the loans and it is shared with the lenders who gave it to them.
 
People dont default on their mortgages for profit.

This was done at the behest of the corps Super.
 
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