Occupy Wall Street: Not on major media but worth watching!

[greenmatter]

By greenmatter's logic, if your girlfriend cheats on you, that's your fault because you should've expected she was a deceitful slut and turned that drunk wet pussy down when it was first offered.

that is your "logic" D ........ i thought we were talkin' about the banks bro ....... but yeah if your stupid ass falls in love with the bar skank and gets fucked over do you blame her for the whole fiasco or do you at least take a second to say "i'm never doing that shit again, my bad" ......? shit dude if she gave the crabs would you lay that on the bar tender? that fucker should have made it clear to you that you could actually get burned. right? that is fucking stupid right? but that is your "logic". right?

stay away from the skanks i mean banks ......... she i mean they will fuck you over

 

[dagnabit]

does no one remember the beginning of the housing bubble?
somehow the focus tends to narrow..
a symptom of our shared passion?

anyhoo.....

Published: September 30, 1999
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In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

note the date
but do i blame clinton?
not really he thought he was doing good.
but when you lie down with dogs you wake up with fleas.

 

[dagnabit]

Can you point out where lending requirements were lowered?

i can

'91 '92 '94 '95 legislative changes to CRA
which directly led to..

In October 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available securitization of Community Reinvestment Act loans, issuing $384.6 million of such securities. The securities were guaranteed by Freddie Mac and had an implied "AAA" rating.

 

[DiscoBiscuit]

does no one remember the beginning of the housing bubble?
somehow the focus tends to narrow..
a symptom of our shared passion?

Published: September 30, 1999
Sign In to E-Mail
Print
Single-Page


In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

anyhoo.....



note the date
but do i blame clinton?
not really he thought he was doing good.
but when you lie down with dogs you wake up with fleas.

You're welcome to blame whomever you want. You can reference articles that say little. Easing credit requirements and lowering lending standards to wholesale fraud aren't the same thing.

Relaxing credit requirements is like requiring less down payment to folks qualified for monthly payments yet can't amass conventional down.

Relaxing credit requirements (for example) might involve the lender telling the borrower they have to get their kitchen fixed before the lender will consider it as collateral, as opposed to denying the loan w/o advising the borrower what he needs to do.

But it's not necessary to example the scenarios. The link has been provided. If you wish to substitute opaque references, be my guest.

 

[Dislexus]

the gov claims this is what they spent on welfare

i took the year 2005 @ $408billion

with todays population of 312mil

put EVERYBODY on welfare and gave em each their share...

$1,307,692

they claim this year is $700bil

YE HA so this year EVERYBODY gets a wopping $2,243,589

how come h20 only gets $900 a month?


Stay in denial...

You can bet the war numbers are cooked in the other direction only a fool would believe otherwise.

Not to nitpick bro, just a heads up, your number is off by a few decimal places its $1307.69 when you divide those #'s.

The war debt is just crushing. Crushing.

Makes you question the military industrial compl -- OMG SOME GUY SHIT ON THE FLAG RABBLERABBLRABBLRABBLERABBLE

 

[Dislexus]

The idea perpetuated/insinuated that Clinton orchestrated this grand fraud that happened a decade later... hahahaha. Its just another talking point to deflect responsibility from the white collar criminals.

For they are the job creators, worship them.

The rightwing used to be the Cult of the Invisible Hand, and they wanted to privatize social security and hand it over to the banksters. Trust the Invisible Hand it will be your salvation.

Since their crony capitalism crumbled, now its the Cult of the Job Creators.

BTW I am a libertarian not liberal, but I can face facts and see laissez-faire is a recipe for disaster. Also jobs are created by demand, not on a whim, FUCKING DUH

 

[DiscoBiscuit]

If I was discouraged by the idea of progressive reforms, I'd reference the bad examples in seas of peaceful protests. I'd probably recognize this disparate aspect and I probably wouldn't bring attention to it.

 

[Dislexus]

greenmatter maybe the analogy works better if you understand the drunk wet pussy = the american dream of homeownership. Something people find hard to resist when its plopped down right in front of them for the taking like "here it is... be a man and jump on this while the gettin's good."

I do like the crabs addition, I gotta work herpes into the analogy somehow now...

Herpes = the bailout debt? Cuz it'll never go away?

 

[dagnabit]

link you say?

http://www.justice.gov/crt/about/hce/title8.php

the article is archived at the NYT

the percentage of cra loans jumping 38% in 3 years to "low income" "otherwise unqualified" borrowers is "kitchen repair" LMAO!!!!
of course fannie backing sub prime bundles for the first time means nothing...

it'll take actual want to know the truth instead of cheerleading but some cross referencing
from the link provided will provide a world of insight.
for instance follow: Sec. 808. [42 U.S.C. 3608] (f) (5) leads you to the ECOA.

but hey it's alot simpler to say
"those evil greedy republicans. capitalism is baaaaaad"

 

[DiscoBiscuit]

all that and you still point to ZERO that absolves bad loans

 

[greenmatter]

greenmatter maybe the analogy works better if you understand the drunk wet pussy = the american dream of homeownership. something people don't pass up when its plopped down right in front of them like "here it is... be a man and take it."

I do like the crabs addition, I gotta work herpes into the analogy somehow now.

ohhhhh now i get it but when they said wet pussy with a 50/50 chance of herpes nobody listened to the last part ........ if you hit that don't fucking cry to me when shit starts itchen', o.k. sunshine. i was sober enough to wear a rain coat , so i am good. if you got so trashed the only thing you remember is waking up with a sore ass please remember you were buying your own beer.

i feel sorry for the real people who got screwed by the banks, the game was rigged, but it was one you could choose to stay out of.....

 

[dagnabit]

ohhh you are looking for absolution...

see i did not realize

Can you point out where lending requirements were lowered?

was a plea for absolution..

what absolves borrowers for signing bad loans?

where are the truth in lending violations?
specifically sub section 226.30 and 226.31?

why are no charges being brought?

those violations are the easiest in the world to prove!

you should tell the people!!
all these foreclosures could be stopped in their tracks!
maybe you should call msnbc!

 

[DiscoBiscuit]

... but hey it's alot simpler to say
"those evil greedy republicans. capitalism is baaaaaad"

justifications like that aren't worth argument.

 

[dagnabit]

justifications like that aren't worth argument.

platitudes beneath discourse..
every time you yap about 'em...

 

[Dudesome]

You're welcome to blame whomever you want. You can reference articles that say little. Easing credit requirements and lowering lending standards to wholesale fraud aren't the same thing.

Relaxing credit requirements is like requiring less down payment to folks qualified for monthly payments yet can't amass conventional down.

Relaxing credit requirements (for example) might involve the lender telling the borrower they have to get their kitchen fixed before the lender will consider it as collateral, as opposed to denying the loan w/o advising the borrower what he needs to do.

Ok DB, no offence, but you are talking exactly like one of those PhDs I happend to have a really smooth conversation with.

You are talking about easing credit requirements.

Are you talking about banks or some peer-to-peer lending?
Because if you are talking about the banks , you need to know one thing:

Small Banks no longer make money by lending.

here is a very interesting read about the current lending/exessive reserve situation adn why it is helping to keep inflation from printing all that paper.

http://www.newyorkfed.org/research/staff_reports/sr380.pdf


so when you are talking about credit requirements , I find it not too relevent to todays economy. Today for the banks to lend we really just NEED to get rid of CBs. CBs are paying small banks not to lend money, thus creating deflation in the short term.

 

[Dudesome]

If I was discouraged by the idea of progressive reforms, I'd reference the bad examples in seas of peaceful protests. I'd probably recognize this disparate aspect and I probably wouldn't bring attention to it.

I don't believe in progressive reforms either. Let the market do its job and clean this economy. Market = Nature of society.

 

[rootfingers]

ALL HAIL THE MARKET!

 

[Dislexus]

i was sober enough to wear a rain coat , so i am good.

Your premise falls apart when you realize the fact you can get herpes even when you're wearing a raincoat. You can't blame someone for going balls deep it happens whether you want to or not when the drunk chick passes out and throws the rhythm off.

Hahahaaha

BTW I love this thread it reminds me of the rollicking chaotic buzz of OG's politics&debate forum.

 

[DiscoBiscuit]

Ok DB, no offence, but you are talking exactly like one of those PhDs I happend to have a really smooth conversation with.

You are talking about easing credit requirements.

Are you talking about banks or some peer-to-peer lending?
Because if you are talking about the banks , you need to know one thing:

Small Banks no longer make money by lending.

here is a very interesting read about the current lending/exessive reserve situation adn why it is helping to keep inflation from printing all that paper.

http://www.newyorkfed.org/research/staff_reports/sr380.pdf


so when you are talking about credit requirements , I find it not too relevent to todays economy. Today for the banks to lend we really just NEED to get rid of CBs. CBs are paying small banks not to lend money, thus creating deflation in the short term.

If you want to know about the info I referenced, try reading it.

Lenders make money from fees and subprime paid the most. Subprime was least regulated and easiest to manipulate.

Speaking of relevance, you're off in left field... again. We were disagreeing over who gets the bad image from out-of-control borrowing and lending, not post-bust aspects that didn't apply pre-bust.

 

[AntelopeDope]

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Ah Jimmy, you really fudged that up. Intentionally of course, and we have equally as fervent an ideologue in the White House now.

It sounds great, "Fairness" and what not, but essentially that begat the over-leveraged market we have today. Risk doesn't disappear because government says so.

The keynesians still fail to truly understand the basic micro theory of utility. You can't force action but only provide incentives for it. Keynesian theories failed Europe in the 30's, reignited hyper-inflation and then ultra-nationalist tendencies (Much like it has affected Europe RIGHT NOW). Soon after: WWII.

Ofcourse, the far Left would fail to be relevant if it were admitted their economic underpinning is a plastic pu-pu platter. Keynes is dead. Stop fucking with his corpse.