Dumbo Bush + Dumbo Ears = Market Crash !!!
gram
for way to line his pockets...
Movie Deals, Book deals, DVD Deals, Radio Deals, TV Deals, DEALS,
DEALS Money, Money $, $, $,....
Nope, there is no revote, its a done deal...hes all yours, enjoy!
in HD!!!
Got'a Love it!!
David
the Dow was at 14,200 in Oct 2007
unemployment was at 5.2
Now your buddy little Barney Franks and other dems who
ran Fan May and Fre Mac and forced banks to make home
loans to people who didn't have the money......that is what
destroyed the economy so if your looking for failures look
no further than your own back yard!
Got'a Love it!!
"gram" <gramn...@nomail.com> wrote in message
news:Xns9B5CB36...@216.196.97.131...
boo-radley
> Bush kept your dead beat ass safe for 8 years
> the Dow was at 14,200 in Oct 2007
> unemployment was at 5.2
>
> Now your buddy little Barney Franks and other dems who
> ran Fan May and Fre Mac and forced banks to make home
> loans to people who didn't have the money......that is what
> destroyed the economy so if your looking for failures look
> no further than your own back yard!
>
> Got'a Love it!!
>
>
> news:Xns9B5CB36...@216.196.97.131...
>
> > As the market continues to crash stupid Dumbo Ears looks
> > for way to line his pockets...
>
> > Movie Deals, Book deals, DVD Deals, Radio Deals, TV Deals, DEALS,
> > DEALS Money, Money $, $, $,....
>
> > Nope, there is no revote, its a done deal...hes all yours, enjoy!
>
> > in HD!!!
>
> > Got'a Love it!!
Then Dubya policies caught up with him before he could sneak out a
town...good riddance.
Passerby
"David" <Safe...@Say.net> wrote in message
news:hJadnR5ov64wmbvU...@comcast.com...
> Bush kept your dead beat ass safe for 8 years
8 years? Nevermind.
What's his excuse for being asleep on 9-11-01, keeping us very unsafe?
Lamont Cranston
> Bush kept your dead beat ass safe for 8 years
> the Dow was at 14,200 in Oct 2007
> unemployment was at 5.2
>
>
> Now your buddy little Barney Franks and other dems who
> ran Fan May and Fre Mac and forced banks to make home
> loans to people who didn't have the money......that is
> what
> destroyed the economy so if your looking for failures look
> no further than your own back yard!
>
> Got'a Love it!!
Gotta love your stupidity.
Any claim that banks were forced to make bad loans is
nonsense.
The relaxed standards and accompanying warnings of the
unacceptability of badly underwritten subprime products
wereissued in accordance with the Community Reinvestment
Act. CRA requires federal financial supervisory agencies to
encourage federally insured banks and thrifts to meet the
credit needs of low and moderate income neighborhoods,
consistent with safe and sound banking practices. CRA does
not apply to the independent mortgage companies responsible
for over half of all subprime loans. Only about one in four
subprime loans were made by the institutions governed by
CRA.
Contrary to your assertion, almost none of the $1.5 trillion
of subprime loans were made by Fannie Mae or Freddie Mac;
most subprimes did not meet their lending standards. Those
nothing down, no interest for a year, low teaser rate loans
made without without income and employment verification were
made in the private sector by non-CRA-covered institutions.
A March, 2008 Federal Reserve Bank study identifies five
causes of the subprime meltdown. All stem from banking
industry deregulation.
Read this, moron. You might learn something.
wonkroom.thinkprogress.org/2008/09/30/conservatives-cra/
In the aftermath of the financial crisis, conservative
commentators have blamed the Community Reinvestment Act
(CRA), low-income people, minorities, and past Democratic
administrations for the sub-prime mortgage meltdown:
- Laura Ingraham: “When Bill Clinton decided to tell
Robert Rubin to re-write the rules the Community
Reinvestment Act and push all of these institutions to lend
to minority communities.”
- Neil Cavuto: “I don’t remember a blaring call that said,
Frannie and Freddie are a disaster, loaning to minorities
and risky folks is a disaster.”
- Gov. Mike Huckabee (R-AR): “It was their harsh
regulation under the Community Reinvestment Act that started
this ball rolling down the hill.”
Congress passed the Community Reinvestment Act in 1977,
requiring banks “to lend throughout the communities they
serve.” In the 1990s, greater “home mortgage lending to
lower income households and in lower income communities by
the banks and thrifts covered by the CRA,” increased the
homeownership rate “for lower income and minority families.”
As a result, “property values went up dramatically in low
and very low income urban” communities, “reversing severe
declines during the prior two decades.”
But the Bush administration ushered an end to CRA
enforcement. In 2004, Bush “announced plans to sharply
weaken CRA regulations, pulling small and mid-sized banks
out from under the law’s toughest standards.” Ironically,
conservatives are now blaming legislation that “was losing
force and relevance” just as “sub-prime lending was
exploding,” for the current crisis.
As CAPAF Senior Fellow Robert Gordon argues in The American
Prospect, “the real problems came from the institutions
beyond the reach of the CRA“:
- CRA Only Applies To Federally Insured Banks And Thrifts:
CRA did not apply to independent mortgage companies, which
were responsible for “half of sub-prime loans.” Only about
“one in four sub-prime loans were made by the institutions
fully governed by CRA.”
- CRA Institutions Engaged In Less Dangerous Lending: As
the president of the San Francisco Federal Reserve points
out, “independent mortgage companies, which are not covered
by the CRA, made high-priced loans at more than twice the
rate of the banks and thrifts.”
- CRA Does Not Encourage Or Condone Bad Lending: According
to Ellen Seidman, Director of the U.S Treasury Department’s
Office of Thrift Supervision from 1997 to 2001, CRA-covered
institutions were warned “that badly underwritten subprime
products that ignored consumer protects were not acceptable.
Lenders not subject to CRA did not receive similar
warnings.”
While most economists blame the current crisis on market
failure and sparse regulation, conservatives are attempting
to elude responsibility by smearing the victims of predatory
lending. As Matt Yglesias points out, “it was conservatives
who watched as the housing bubble developed and it was
conservatives who blocked any action to try to ensure a soft
landing once the bubble popped….It was conservatives who
blocked efforts to curb predatory lending and it was
conservatives who blocked efforts to investigate fraud more
robustly.”
Now, the preachers of ‘personal responsibility’ are ducking
for cover.
Son of Darwin
news:hJadnR5ov64wmbvU...@comcast.com:
> Bush kept your dead beat ass safe for 8 years
> the Dow was at 14,200 in Oct 2007
> unemployment was at 5.2
>
All a mirage as you can see. Building your economy on 30:1 leverage is just
stupid. But apparently you like stupid.
--
"Sarah Palin's a whack job."
- John McCain campaign staffer