Capitalism

[El Kabong]

...your failure to say the Democrats had any hand in this is amazing. I know the Republicans had their part in this but it wasn't all them...not by a long shot.

But of course I won't ever try and tell you anything different than you already believe

[Kirkland Laing]

...your failure to say the Democrats had any hand in this is amazing. I know the Republicans had their part in this but it wasn't all them...not by a long shot.

But of course I won't ever try and tell you anything different than you already believe

Show me exactly what the Democrats did to create the crisis, using facts and evidence. Don't just post a youtube of some guy blocking regulation on F and F. Explain to us exactly what part F anf F played in the crisis -- using facts and evidence now.

[El Kabong]

Just look at their fucking business models, they bough bad loans repackaged them and sold them off....they garunteed money to mortgage bankers and with Clinton demanding banks do more sub-prime loans (under threat of penalty) the banks eventually tried to make money off of F and F by making their commission and then getting money from F and F they KNEW they weren't going to get from the borrower.


But I guess that won't be enough for you....it never is

[Kirkland Laing]

Just look at their fucking business models, they bough bad loans repackaged them and sold them off....they garunteed money to mortgage bankers and with Clinton demanding banks do more sub-prime loans (under threat of penalty) the banks eventually tried to make money off of F and F by making their commission and then getting money from F and F they KNEW they weren't going to get from the borrower.


But I guess that won't be enough for you....it never is

Your above post makes no sense whatsoever. Your description of the relationship between banks, mortgage companies and Fannie and Freddie is one I've never seen before and as somebody who's worked in the financial industry for decades I can confidently say has no basis in reality. I can't even understand what you're trying to claim there.


Again Lyle, the current crisis originated in a bunch of bad loans made after 2002. Nothing to do with Clinton. Clinton called for banks to lend more to minorities (no penalties were ever threatened, if you claim they were provide facts and evidence) but so has every president since Carter including the current one. lending to monorities is actually good business for banks, very profitable. What happened after 2002 was that regulations on mortgages and what could be done with them were scrapped, resulting in a slew of bad loans.

Bush scrapped laws that made mortgage companies keep the mortgages they made for 30 years and allowed them to sell these mortgages on. This ended the mortgage peoples' need to make safe loans and resulted in an explosion of them. To sell the loans the mortgage companies gave tow or three year teaser rates that meant the mortgage payment was often less than rent money. Once the loans reset to the real rate the mortgagees' defaulted en masse causing the securities contrucrted of these loans to become toxic, worthless, causing the current mess. Here's a graph that explain this nicely. Note that the explosion in resets coincides exactly with the start of the current meltdown.




Here's a picture of the GOP fuckwits using a chainsaw and tree shears in a photo op trumpeting them scrapping mortgage and bank regulations, taken in 2002 :

[El Kabong]

....you want to think the Democrats did nothing to create this go right ahead. Barney Frank, Frank Raines, Christopher Dodd, Chuck Schumer etc.....oh they were all innocent which is why they got so much money out of Fannie and Freddie

[Kirkland Laing]

....you want to think the Democrats did nothing to create this go right ahead. Barney Frank, Frank Raines, Christopher Dodd, Chuck Schumer etc.....oh they were all innocent which is why they got so much money out of Fannie and Freddie

Again, explain exactly what these people did to precipitate the current crisis. Using facts and evidence.

[El Kabong]

Explain what Fannie and Freddie did please will you....all knowing Kirkland