to anyone who really wants to learn alot more about our ....goverment.....

[PatrickH]

Our economy doesn't resemble free market capitalism in any way. We have been a highly regulated capitalistic economy for quite some time. Let us not forget that it was the government's idea to start giving out and backing these bad loans to begin with.

[Total_Blender]

Our economy doesn't resemble free market capitalism in any way. We have been a highly regulated capitalistic economy for quite some time. Let us not forget that it was the government's idea to start giving out and backing these bad loans to begin with.

Actually GM pretty much begged Obama to intervene for them. I'm pretty sure the CEO's of the banks went before the government and begged too.

[Vteckidd]

Actually GM pretty much begged Obama to intervene for them. I'm pretty sure the CEO's of the banks went before the government and begged too.

hes talking about the GOVT insisting the banks loan to people who werent qualified thats what got us in this mess in the first place. Ask JaimieCBR900R about it all, he used to be a mortgage broker.

GM Begged and its not the first time they got Govt loans. But that all went out the window with Cash for clunkers.

Bush let lehman brothers fail.

[Total_Blender]

Ask JaimieCBR900R about it all, he used to be a mortgage broker.

I used to sell credit cards and toxic variable-rate loans for GE. People with 20k in credit card debt and they think the answer to their problems is another credit card...

Do you have a source for the 8 billion in bank paybacks being used to buy out mortgages? I'm not disputing it, I'd just like to read more about it before I comment on it.

[Vteckidd]

I used to sell credit cards and toxic variable-rate loans for GE. People with 20k in credit card debt and they think the answer to their problems is another credit card...

Oh i didnt mean anything by that i just mean when you talk to Jaimie about it, its crazy. He was basically being told "you either loan this money out, or you will go out of business because SOMEONE will loan it out". He had no choice, you either made the loans or the FEDs cut you out of the "pool" of money and there goes your business. Lucky for him he has a lot more integrity than most people and got out when he could. But the Govt/Banks were basically strong arming people into lending to anyone with a pulse.

Do you have a source for the 8 billion in bank paybacks being used to buy out mortgages? I'm not disputing it, I'd just like to read more about it before I comment on it.

http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3068:

I originally saw the story break on CNN and FOX about 2 months ago IIRC. My point is basically they get a FREE 5 BILLION and they IMMEDIATELY wanna blow it all on some other Government program.

Im not saying we shouldnt help people, but the notion that this "money we are going to make" getting applied to the national debt or anything like that is laughable.

[Vteckidd]

I mean these guys are just RETARDED

Barney Frank wants to spend the repaid TARP money again instead of returning the money to the Treasury to pay down public debt…

On June 27th, Rep. Barney Frank (D) MA, introduced new legislation to divert repaid TARP funds to new Democrat supported housing initiatives. His new bill is called TARP for Main Street Act of 2009. According to the original bill recovered funds “shall be paid into the general fund of the Treasury for reduction of the public debt.” However, Barney wants to spend it again right away and ignore the requirements of the bill. This is becoming typical behavior for the Democrats these days.

The proposed bill breaks down as follows; take $1 billion and use it to create a trust fund for low-income rental housing which Frank has wanted for a long time. (This unfunded measure was part of last year’s bailout of Fannie Mae and Freddie Mac.) Another $1.5 billion would be used to set up a “neighborhood stabilization” fund. Critics have charged that these measures might allow federal dollars to be distributed to activist groups such as ACORN. The thought of any more of our money ending up in the hand of those crooks is unthinkable!

The bill also includes $2 billion to subsidize individuals with delinquent mortgages and another $2 billion to “stabilize multifamily properties that are in default or foreclosure.”

“If stupidity got us into this mess, then why can’t it get us out?” – Will Rogers

Even worse, despite the near economic meltdown that was triggered by the mortgage defaults last year, Rep. Frank and N.Y. Rep. Anthony Weiner have sent a letter to the heads of Fannie and Freddie recommending that they lower lending standards for condo buyers. Wasn’t that how we got into this mess in the first place?

After blaming the current crisis on a lack of appropriate regulation and lax lending standards which resulted in bad loans that should not have been approved, Rep. Frank wants Fannie and Freddie to provide more aggressive (lower) lending standards again. These lower standards would specifically apply to condo developments with a high percentage of unsold units or high delinquency rates.

http://go2.wordpress.com/?id=725X134...-49649362.html

http://go2.wordpress.com/?id=725X134...452945093.html

[Total_Blender]

"Critics have charged that these measures might allow federal dollars to be distributed to activist groups such as ACORN. The thought of any more of our money ending up in the hand of those crooks is unthinkable!"

Yeah, thats not a biased source at all.

[imprtguy_94]

and oh yes by a long shot that gov is in with the big banks, thats not even a joke. id love to know your answers on why in the hell we have fema camps being built all across the us. cause theres no way in hell that many people are dieing, and i want to hear your answers on those big ass plastic coffins that i took a drive with my dad to see. those things are freakin huge and wtf are they doing with that many off them then? putting horses and cows in em?

[Total_Blender]

id love to know your answers on why in the hell we have fema camps being built all across the us.

Are you still on FEMA camps... that shit got busted/debunked/thrown in the trash a long time ago. The FEMA camps are the government's answer to situations like hurricane Katrina. They are de-centralizing their logistics etc so they can respond to disasters faster. Its more efficient to mobilize on a local/regional level than on a national level.

As for the issue of "plastic coffins"... what a bunch of bull. If it really were a concentration camp type situation your ass would be going into a mass grave or an incinerator. Your remains would be disposed of as completely and as quickly as possible, not preserved in a plastic box.

[Vteckidd]

Are you still on FEMA camps... that shit got busted/debunked/thrown in the trash a long time ago. The FEMA camps are the government's answer to situations like hurricane Katrina. They are de-centralizing their logistics etc so they can respond to disasters faster. Its more efficient to mobilize on a local/regional level than on a national level.

As for the issue of "plastic coffins"... what a bunch of bull. If it really were a concentration camp type situation your ass would be going into a mass grave or an incinerator. Your remains would be disposed of as completely and as quickly as possible, not preserved in a plastic box.

RUN FOR THE HILLS!

[PatrickH]

Actually GM pretty much begged Obama to intervene for them. I'm pretty sure the CEO's of the banks went before the government and begged too.

You have no idea what you're talking about. This whole mortage mess started with the CRA created by Carter and further enhanced by Clinton.

[Total_Blender]

You have no idea what you're talking about. This whole mortage mess started with the CRA created by Carter and further enhanced by Clinton.

Subprime actually worked well under Clinton because the system was regulated and the

It was the "Financial Services Modernization Act" from republican Phill Gramm that brought subprime into crisis. This act allowed banks to "expand into other lines of business, " openening up all sorts of predatory lending practices. Many of the subprime loans were made by institutions that were not governed by the CRA.

Its downright silly to think that a 32 year old law is responsible for the crisis we have today. If the CRA as enacted by Carter were to blame, would it not stand to reason this crisis would have happened 30 years ago?

[PatrickH]

Subprime actually worked well under Clinton because the system was regulated and the

It was the "Financial Services Modernization Act" from republican Phill Gramm that brought subprime into crisis. This act allowed banks to "expand into other lines of business, " openening up all sorts of predatory lending practices. Many of the subprime loans were made by institutions that were not governed by the CRA.

Its downright silly to think that a 32 year old law is responsible for the crisis we have today. If the CRA as enacted by Carter were to blame, would it not stand to reason this crisis would have happened 30 years ago?

Subprime mortgages did NOT work under Clinton. It just took years to explode. The CRA encouraged tens of thousands of loans to uncredit worthy individuals. Just because the Act is 32 years old doesn't mean it even slightly resembles the original bill. Clinton greatly expanded the CRA.

If you believe that the FSMA is the primary cause of what we're going through then you're out of your mind. The Banks were already capable of holding and trading the very assests that Obama claimed were responsible for the finanacial crisis.

[preferredduck]

Actually GM pretty much begged Obama to intervene for them. I'm pretty sure the CEO's of the banks went before the government and begged too.

they all flew in corporate jets. i wonder how much aig paid back. you see all this $$ we loaned was used to consolidate the market. just like the great depression where a few families bought most of america for pennies on the dollar. well look at the banks now. same thig just happened.

don't get me started on the housing market because it was clearly set up to fail at some tipping point that was caused by some greedy assholes. i know the ex-ceo of countrywide now has a booming business helping to clean the "mes" up. there were also alot of top CEO's at firms responsible for the housing collapse that all committed suicide in a short period of time. kinda makes you wonder how true the movies like the pelican bfief etc are.