Who's fault is subprime.............
- Thread starter flytiger
- Start date
At least we can agree on something.
Ok, I'll play along.
You have any law statutes to show EXACTLY how banks are forced in any way shape or form to make loans that they DO NOT WANT TO?
When you realize you have little basis to your argument, why don't you backtrack a few years ago and take a look at how profitable this subprime business was to the banks. Then look in why. Then take a look at the financials to see the BS.
Or maybe stop being a retard and realize that the "bailout" IS NOT for the mortgages, just for the worthless paper which was created by [.....]
I think you can fill in the blank.
I didn't say banks were "forced" I said they were encouraged and coerced. But being a moron you probably don't understand the difference.
Examples of encouragement and coercion:
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
http://en.wikipedia.org/wiki/Redlining
http://www.youtube.com/watch?v=eW9viaJatpo
And show me where I said the bailout is "for the mortgages." Geez.
What I have been saying here is that there is such a thing as personal responsibility... which is an alien concept to losers like you. And I started saying it in response to the first line of the OP's first post, which is: "I'm sick and tired of Guy A'Dami, and his other lackies saying that Joe Consumer knew what he was doing, and should be punished"
You people remind me of an acquaintance who lived too far beyond his means and lost everything... he also gets his facts wrong and blames his problems on everyone but himself. Now he's like a child, begging his girlfriend for cigarette money.
Examples of encouragement and coercion:
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
http://en.wikipedia.org/wiki/Redlining
http://www.youtube.com/watch?v=eW9viaJatpo
And show me where I said the bailout is "for the mortgages." Geez.
What I have been saying here is that there is such a thing as personal responsibility... which is an alien concept to losers like you. And I started saying it in response to the first line of the OP's first post, which is: "I'm sick and tired of Guy A'Dami, and his other lackies saying that Joe Consumer knew what he was doing, and should be punished"
You people remind me of an acquaintance who lived too far beyond his means and lost everything... he also gets his facts wrong and blames his problems on everyone but himself. Now he's like a child, begging his girlfriend for cigarette money.
I firmly believe in life, there isn't one set of circumstances that led to and effect, its a set of them. Take this melt down for example.
Both Democrats and Republicans are to blame. So are irresponsible idiots. Here goes. Democrats, pandering to their working class and poor push for softer lending restrictions to irresponsible idiots because they want votes Republicans pandering to their fat cat bankers want restrictions removed so they can take bigger risk because they want votes Financial illiterates just want the "American Dream". If they have to take a no doc loan to get so be it. They can say look at my bling. Escalade and 5 bedroom house. All three of these parties are responsible. Who should take the fall, who knows. They all should. Regulations are designed to protect people from their own ignorance. What I do know is that financially responsible ppl. like me are going to get f*cked.
Both Democrats and Republicans are to blame. So are irresponsible idiots. Here goes. Democrats, pandering to their working class and poor push for softer lending restrictions to irresponsible idiots because they want votes Republicans pandering to their fat cat bankers want restrictions removed so they can take bigger risk because they want votes Financial illiterates just want the "American Dream". If they have to take a no doc loan to get so be it. They can say look at my bling. Escalade and 5 bedroom house. All three of these parties are responsible. Who should take the fall, who knows. They all should. Regulations are designed to protect people from their own ignorance. What I do know is that financially responsible ppl. like me are going to get f*cked.
Don't get me wrong trader, i agree that everyone is responsible for their own actions, however:
The arsonist would blame his poor upbringing, parents and mental health for getting off burning things. Personal responsibility was absolved when religion was invented - now anyone can fk up, say three hail mary's and bob's your uncle all is forgiven.
Secondly, being of average intelligence, i know that atleast 50% of the population is dumber than me. Thus if i loaned money to someone too stupid to pay it back, I need to take responsibility for the loss. The banks are responsible for the RISK they took in loaning too much to the too dumb. This is in the same way I am responsible for the risk i take when placing a trade, i can't blame the market place if i take a loss.
The sad fact is some people are just too stupid, and we need regulations to protect them from themselves. Those stupid people include Joe Six pack and our friends on Wall St.
pneuma
You can't blame bankers who were ceorced by race politics, and many of them were. And you have to lay most of the balme with the democrats as well as the poeple who took out the loans.
MR. LUDWIG'S idea of ending discrimination is for blacks and whites to have the same rejection rates, regardless of the legitimate reasons for differences. The crackdown is already well under way, as the Administration turns many of its bank examiners into discrimination police by re-interpreting the Fair Lending Act of 1968 and the Equal Credit Opportunity Act of 1974.
http://www.freerepublic.com/focus/f-news/2095640/posts
Clinton began trying to force lenders to make bad loans, also pushed by the black politicians, and by groups like Brack Obama's ACORN buddies.
As Stanley Kurtz has reported, ACORN proudly touted "affirmative action" lending and pressured banks to make subprime loans. Madeline Talbott, a Chicago ACORN leader, boasted of "dragging banks kicking and screaming" into dubious loans. And, as Sol Stern reported in City Journal, ACORN also found a remunerative niche as an "advisor" to banks seeking regulatory approval. "Thus we have J.P. Morgan & Co., the legatee of the man who once symbolized for many all that was supposedly evil about American capitalism, suddenly donating hundreds of thousands of dollars to ACORN." Is this a great country or what? As conservative community activist Robert Woodson put it, "The same corporations that pay ransom to Jesse Jackson and Al Sharpton pay ransom to ACORN."
http://www.creators.com/opinion/mona-charen/acorn-obama-and-the-mortgage-mess.html
Once again, listen as republicans in 2004 beg for regulation of freddie and fannie while black politician cry racism and Barney Frank, Maxene Waters, and Frank Raines say everything was a-ok. That's right, people knew in 2004 that there was a problem but any attempt at solution was stopped because those people were not aligned with Pelosi and company. Now Pelosi wants to blame 'free market republicans'...
http://www.youtube.com/watch?v=_MGT_cSi7Rs
MR. LUDWIG'S idea of ending discrimination is for blacks and whites to have the same rejection rates, regardless of the legitimate reasons for differences. The crackdown is already well under way, as the Administration turns many of its bank examiners into discrimination police by re-interpreting the Fair Lending Act of 1968 and the Equal Credit Opportunity Act of 1974.
http://www.freerepublic.com/focus/f-news/2095640/posts
Clinton began trying to force lenders to make bad loans, also pushed by the black politicians, and by groups like Brack Obama's ACORN buddies.
As Stanley Kurtz has reported, ACORN proudly touted "affirmative action" lending and pressured banks to make subprime loans. Madeline Talbott, a Chicago ACORN leader, boasted of "dragging banks kicking and screaming" into dubious loans. And, as Sol Stern reported in City Journal, ACORN also found a remunerative niche as an "advisor" to banks seeking regulatory approval. "Thus we have J.P. Morgan & Co., the legatee of the man who once symbolized for many all that was supposedly evil about American capitalism, suddenly donating hundreds of thousands of dollars to ACORN." Is this a great country or what? As conservative community activist Robert Woodson put it, "The same corporations that pay ransom to Jesse Jackson and Al Sharpton pay ransom to ACORN."
http://www.creators.com/opinion/mona-charen/acorn-obama-and-the-mortgage-mess.html
Once again, listen as republicans in 2004 beg for regulation of freddie and fannie while black politician cry racism and Barney Frank, Maxene Waters, and Frank Raines say everything was a-ok. That's right, people knew in 2004 that there was a problem but any attempt at solution was stopped because those people were not aligned with Pelosi and company. Now Pelosi wants to blame 'free market republicans'...
http://www.youtube.com/watch?v=_MGT_cSi7Rs