Occupy Wall Street

Quote from trefoil:

Illiterate too.
I was referring to your idiocy about Soros helping the Nazis. As you quoted my entire post, please reference the part where I said I believed in something, other than that Soros never did help the Nazis.

Or to put it bluntly: what the fuck are you talking about?
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When he was a child a Christian family took him in and pretended he wasn't jewish. He was forced to take a job working for the Nazis turning in jews who were hiding out. Basically he was just an assistant. Sort of like when I was a kid and my job was to stand in front of the bowling alley and tell all black customers arriving that tonight was league play only.
 
Quote from MarketMasher:

I have a suspicion against the whole concept that "the CRA caused the subprime crises". What CRA might have done is contribute to bad loans. Period.

But if every subprime loan in the US defaulted, that is still NOT ENOUGH to cause a second Great Depression.

Something has to be done to those loans after-the-fact to create a bubble big enough to sink the entire world.

Unless someone can prove just the defaulting loans by themselves - as simple loans - caused the world economy to tank, then CRA is just a specious diversion.
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Accurate intuition. Widespread loan default in the housing market could hardly crash the world economy alone. Plus the facts are simply not there, whatsoever. Reality was quite simply that the private market where loans originated outside CRA and sold to Wall St. dwarfed that of FNM and FRE.

Aside from that, GSEs couldn't even loan to unqualified borrowers before 2005.

Operating in the "reality-based community" rather than by cognitive dissonance is not easy for the willfully ignorant though.
 
Quote from MarketMasher:

I have a suspicion against the whole concept that "the CRA caused the subprime crises".
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I don't believe it at all. Never have. All that leverage set the table for a Big Problem, but that table has been set for the past 30 years.

IMO the key change was - and continues to be - energy prices. The cost of energy is an input into everything we do. Prices cannot go up 10-fold without serious ramifications - the run from $15 to $100 alone was roughly equivalent to a trillion-dollar siphon on GDP.

The important question now, IMO, is..."now what?"
 
Quote from Random.Capital:

I don't believe it at all. Never have. All that leverage set the table for a Big Problem, but that table has been set for the past 30 years.

IMO the key change was - and continues to be - energy prices. The cost of energy is an input into everything we do. Prices cannot go up 10-fold without serious ramifications - the run from $15 to $100 alone was roughly equivalent to a trillion-dollar siphon on GDP.

The important question now, IMO, is..."now what?"
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and that energy cost has never yet been fully passed on to the consumer. Everybody has sucked it up all along the supply chain, but the retailer has been afraid to go back to the old margins because business is bad enough already. And Saudi Arabia knows this, they have money invested in business all over the world. Low stable energy for a couple of years would solve a lot of these seemingly unsolvable problems.
 
Quote from Samsara:

Accurate intuition. Widespread loan default in the housing market could hardly crash the world economy alone. Plus the facts are simply not there, whatsoever. Reality was quite simply that the private market where loans originated outside CRA and sold to Wall St. dwarfed that of FNM and FRE.

Aside from that, GSEs couldn't even loan to unqualified borrowers before 2005.

Operating in the "reality-based community" rather than by cognitive dissonance is not easy for the willfully ignorant though.
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I believe there is more to it than that.

"Cognitive dissonance" may explain it for some avg Joes, but I have seen this meme repeated so often in the media tv/papers, that it is hard to explain other than as a major public relations effort to redirect attention from the real cause of the financial debacle to a relatively minor, albeit emotion-laden, component.

The individuals, media companies, even educational institutions, that supported the "CRA caused it all" thesis were and are highly suspect, and another reason why nothing they "report" should be taken at face value.
 
Quote from MarketMasher:

I believe there is more to it than that.

"Cognitive dissonance" may explain it for some avg Joes, but I have seen this meme repeated so often in the media tv/papers, that it is hard to explain other than as a major public relations effort to redirect attention from the real cause of the financial debacle to a relatively minor, albeit emotion-laden, component.

The individuals, media companies, even educational institutions, that supported the "CRA caused it all" thesis were and are highly suspect, and another reason why nothing they "report" should be taken at face value.
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yeah MarketMasher, say you're the reporter and you go to the program director with the facts. She says, "People can't understand that. All we want to know is who the bad guy is."
 
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