In article <f3080$52d407a5$414e828e$
95...@EVERESTKC.NET>,
CRud yanoza <LaLaLa...@phingerinhisears.con> wrote:
> [followups vandalism by unethical racist shitbag looter repaired]
>
> On 1/12/2014 10:23 PM, "The Handsome, Full-Tilt, Break-Your-Kneecap, Take No
> Hostages, Fire Breathing, Gonzo Lib-Er-Al" aka Wildbilly, observed:
>
> > In article <e621f$52d369f9$414e828e$
25...@EVERESTKC.NET>,
> > CRud yanoza <LaLaLa...@phingersinhisears.con> wrote:
> >
> >> On 1/12/2014 7:12 PM, "The Handsome, Full-Tilt, Break-Your-Kneecap, Take No
> >> Hostages, Fire Breathing, Gonzo Lib-Er-Al" aka Wildbilly, observed:
> >>
> >>> In article <las62r$h97$
1...@news.albasani.net>,
> >>> RightWing Reality aka Oxy-moron<
rwna...@yahoo.ch> wrote:
> >>>
> >>>> MODERN MAN, MODERN SCIENCE TODAY PRIDES HIMSELF ON BEING A GOD, "YE
> >>>> SHALL BE AS GODS". (Gen.3:5) The religion of the World today is
> >>>> becoming the religion of science, the sacred cow, the worship of Man
> >>>> and his knowledge as gods. That's the whole plan of that bag of the
> >>>> Devil's dirty tricks, to deceive young people into believing that they
> >>>> are gods, and decide then there are no others--Man is his own god, he
> >>>> should worship himself.
> >>>
> >>> You, "RightWing Reality", are an "oxy-moron".
> >>
> >> You, "The Handsome, Full-Tilt, Break-Your-Kneecap, Take No
> >> Hostages, Fire Breathing, Gonzo Lib-Er-Al" aka Wildbilly
> >
> > Why didn't you
>
> Tell us more about GMO foods, oh wise one.
You are slow aren't you, CRud? You are eating exotic stuff, and you
don't know what it is. It could be poison for all you know. Some may be
good, and some may be bad. You hope you know, but no one knows without
long range feeding studies. You are one of the rats in the study, CRud.
A dirty rat!
CRud, if you decide to be a man up, instead of clown down, you might
defend the 5 lies that you have made.
Lie #5
CRud yanoza <LaLaLa...@fingersinhisears.con>, the
physical/intellectual/moral/financial superior to "The Handsome,
Full-Tilt, Break-Your-Kneecap, Take No Hostages, Fire Breathing, Gonzo
Lib-Er-Al" aka Wildbilly: lied
>
Lie # 5, of course, was preceded by Lies #1 - 4 for which, CRud,
> > In article <144c3$52cc1961$414e828e$
46...@EVERESTKC.NET>,
> > CRud yanoza <LaLaLa...@phingersinhisears.con>, the
> > demented, little, nut-job CRud, dissembled:
> This is not in rational dispute. CRA, *and* other left-wing law based
> on the left's race obsession, caused the housing market to bubble and
> then burst.
has scant or no basis in reality as noted below.
Your facts are wrong. Your authority, Thomas J. DiLorenzo, seems to have
serious problems with accepted history, and you only want to sow
dissension among Americans. If you and the other nut-jobs don't like
America, leave it. If you want to secede, get a petition, and demand an
initiative on your state's ballot.
I wish you luck, and good riddance.
Lie #1
< In 1995, the regulators created new rules that sought to establish
< objective criteria for determining whether a bank was meeting CRA
< standards. Examiners no longer had the discretion they once had. For
< banks, simply proving that they were looking for qualified buyers < <
< wasn�t enough. Banks now had to show that they had actually made a < <
< requisite number of loans to low- and moderate-income (LMI) borrowers.
Who does CRud get to support this statement? Thomas J. DiLorenzo and his
book "The CRA Scam and its Defenders". In this book DiLorenzo calls
Lincoln "the first dictator" and a "mass murderer" and decreed that
"Hitler was a Lincolnite." Worse, Thomas J. DiLorenzo worked for a
Southern nationalist organization. "The League of the South is a
neo-Confederate group that advocates for a second southern secession and
a society dominated by European Americans."
And they called the CRA racist.
Meanwhile back at reality,
Community Reinvestment Act of 1977
Sec. 802.
(a) The Congress finds that�
(1) regulated financial institutions are required by law to
demonstrate that their deposit facilities serve the convenience and
needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for
credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative
obligation to help meet the credit needs of the local communities in
which they are chartered.
(b) It is the purpose of this title to require each appropriate
Federal financial supervisory agency to use its authority when examining
financial institutions, to encourage such institutions to help meet the
credit needs of the local communities in which they are chartered
consistent with the safe and sound operation of such institutions.
One mo time: "CONSISTENT WITH THE SAFE AND SOUND OPERATION OF SUCH
INSTITUTIONS (BANKS)."
Lie #2 Examiners no longer had the discretion they once had. For
banks, simply proving that they were looking for qualified
buyers wasn�t enough.
The main intent of the Community Reinvestment Act of 1977 was to stop
red lining by banks. A problem arose that banks were pushing qualified
applicants to take low-payment adjustable rate mortgages.
<
http://realestate.aol.com/blog/2011/11/21/report-minorities-a-prime-targ
et-of-high-risk-mortgages/>
Report: Minorities a Prime Target of High-Risk Mortgages
Lenders targeted these products to minority communities, according to
the research. Roughly 25 percent of all black and Hispanic borrowers who
took out a loan between 2004 and 2008 lost their home to foreclosure,
compared to 12 percent of white borrowers.
Lie #3 CRA, *and* other left-wing law based on the left's race
obsession, caused the housing market to bubble and then burst.
<
http://www.theguardian.com/business/2013/oct/23/bank-of-america-countryw
ide-guilty-fraud>
Bank of America's Countrywide found guilty of mortgage fraud
BoA liable for up to $848m in damages after Countrywide found guilty of
selling bad loans to Fannie Mae and Freddie Mac.
Prosecutors in the office of Preet Bharara, the US attorney for the
southern district of New York, alleged that Countrywide ran a scheme
called "Hustle" before the collapse, aimed at funnelling a rapidly
deteriorating portfolio of home loans on to Fannie and Freddie.
The Hustle (or HSSL, for High Speed Swim Lane) program stripped back
underwriter reviews for loans, leaving few to no controls in the loan
approval process. Even loans in which the borrower's income wasn't
independently verified went unreviewed by underwriters, Bharara alleged.
Countrywide assured Fannie and Freddie that underwriting standards had
been tightened. At the same time, the company "eliminated every
significant checkpoint on loan quality and compensated its employees
solely based on the volume of loans originated, leading to rampant
instances of fraud and other serious defects," Bharara alleged.
Lie #4 It was the mortgages that crashed the economy.
<
http://en.wikipedia.org/wiki/Subprime_lending>
The value of U.S. subprime mortgages was estimated at $1.3�trillion as
of March 2007
-----
TARP paid out over $9 trillion, CRud. Let's see
$9 trillion - $1.3�trillion = $7.7 trillion
Which is why Paul Roberts said
<
http://www.democracynow.org/2008/10/17/ex_asst_treasury_sec_paul_craig>
"[T]he bailout is either incompetence or fraud, because the problem,
according to the government, is the defaulting mortgages, so the money
should be directed at refinancing the mortgages and paying off the
foreclosed ones. And that would restore the value of the mortgage-backed
securities that are threatening the financial institutions. If the value
was restored, the crisis would be over. So there�s no connection between
the government�s explanation of the crisis and its solution to the
crisis."
- Paul Craig Roberts,
former Assistant Secretary of the Treasury Department in the Reagan
administration and a former associate editor of the Wall Street Journal.
He has taught at Georgetown University and Stanford University
Where did the money go?
<
http://www.nytimes.com/2013/11/24/business/13-billion-from-jpmorgan-chas
e-yes-but-what-took-so-long.html?ref=gretchenmorgenson&_r=0>
$13 Billion, Yes, but What Took So Long?
By GRETCHEN MORGENSON
Published: November 23, 2013
After weeks of pre-deal chatter about its $13 billion settlement with
JPMorgan Chase, the Justice Department finally nailed it down last week.
And for the first time, the department provided a glimpse of the
investigatory findings upon which the settlement was based.
The 10 securities examined by the Justice Department totaled $10.28
billion. That might sound like a lot, but it's a drop in the $325
billion flood of mortgage securities packaged and sold by Bear Stearns,
WaMu and JPMorgan Chase from 2005 to 2007.
-----
I repeat:
$325 billion flood of mortgage securities packaged and sold by Bear
Stearns, WaMu and JPMorgan Chase from 2005 to 2007.
You take $325 billion, and borrow $3.25 trillion.
<
http://www.rollingstone.com/politics/news/the-great-american-bubble-mach
ine-20100405>
The basic idea isn't hard to follow. You take a dollar and borrow nine
against it; then you take that $10 fund and borrow $90; then you take
your $100 fund and, so long as the public is still lending, borrow and
invest $900. If the last fund in the line starts to lose value, you no
longer have the money to pay back your investors, and everyone gets
massacred.
And that's where the money went. It prompted these words from Joseph
Stiglitz.
Freefall: America, Free Markets, and the Sinking of the World Economy
<
http://www.amazon.com/Freefall-America-Markets-Sinking-Economy/dp/B007SR
WER0/ref=sr_1_2?s=books&ie=UTF8&qid=1344042147&sr=1-2&keywords=Freefall>
JOSEPH E. STIGLITZ
an American economist and a professor at Columbia University. He is a
recipient of the Nobel Memorial Prize in Economic Sciences (2001) and
the John Bates Clark Medal (1979). He is also the former Senior Vice
President and Chief Economist of the World Bank
In the long list of culprits, it is natural to begin at the bottom, with
the mortgage originators. Mortgage companies had pushed exotic mortgages
on to millions of people, many of whom did not know what they were
getting into. But the mortgage companies could not have done their
mischief without being aided and abetted by the banks and rating
agencies. The banks bought the mortgages and repackaged them, selling
them on to unwary investors. U.S. banks and financial institutions had
boasted about their clever new investment instruments. They had created
new products which, while touted as instruments for managing ? risk,
were so dangerous that they threatened to bring down the U.S. financial
system. The rating agencies, which should have checked the growth of
these toxic instruments, instead gave them a seal of approval, which
encouraged others�including pension funds looking for safe places to put
money that workers had set aside for their retirement�in the United
States and overseas, to buy them.
In short, America's financial markets had failed to perform their
essential societal functions of managing risk, allocating capital, and
mobilizing savings while keeping transaction costs low. Instead, they
had created risk, misallocated capital, and encouraged excessive
indebtedness while imposing high transaction costs. At their peak in
2007, the bloated financial markets absorbed 41 percent of profits in
the corporate sector.
-----
And poor Dubya had only been President 7 1/2 years when the housing
bubble exploded. How was he to know?
You have 5 lies to answer, CRud. I'm waiting.
)
(
( ) (
) _ )
( \_
_(_\ \)__
((__CRud's Mind__))
on a good day
<
http://alangraysonemails.tumblr.com/post/64719421164/the-tea-party-no-mo
re-popular-than-the-klan>
<
http://www.gallup.com/poll/160373/democrats-racially-diverse-republicans
-mostly-white.aspx>
Democrats Racially Diverse; Republicans Mostly White
Extinction isn't just for Dinosaurs anymore, join the "Guardians of
Privilege" on their Lemming's Run to Oblivion.
Tea,
the new Kool Aid
--
Remember Rachel Corrie
<
http://www.rachelcorrie.org/>
Welcome to the New America.
<
http://www.youtube.com/watch?v=hA736oK9FPg>