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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on April 08, 2013, 10:26:18 AM
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Bombshell: Obama Created Subprime Loans As Lawyer
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Photo: Associated Press
Monday, September 3, 2012 - Capitalism Institute by Shaun Connell
Shaun Connell
Ask me a question.
WASHINGTON, September 3, 2012 — Barack Obama has made his fundamental campaign strategy the blaming of other people. Bush, Greenspan, Reagan — he’s tied Republicans into every aspect of the economy being broken. And, of course, he’d be right about most of that. Bush and Greenspan both created easy credit, big spending, and unsustainable policies that have hurt our economy.
But now, Obama’s going to have some explaining to do about his own actions before he was president. A bombshell new story at The Daily Caller reports that Barack Obama used his status as a legal hired gun to sue Citibank to force them to give loans to poor minorities in Chicago.
In other words, he sued a bank into creating subprime mortgages.
Why did Citibank have to be forced into granting those loans? Because they weren’t profitable — they were going to end in foreclosure. Subprime loans almost ended the financial system as we know it in 2008, after fueling a mortgage bubble that exploded with devastating effect on the economy. Obama was right there in the thick of it, helping to create the problem and undermine capitalism.
Half of his clients went bankrupt.
The community organizer knows essentially nothing about economics, as he’s shown over the last several years. Most of his political capital has been spent on programs that will increase regulations, costs, and deficits. The last thing we need is to be forced into doing what Obama wants us to do.
And we can see evidence first hand of what happens when Obama is involved in your personal financial choices: You’ll probably go bankrupt.
Only 19 of Obama’s 186 still have clean credit. The rest have missed payments or have been foreclosed on. Almost half ended up losing their houses.
Obama used government and legal coercion to subvert markets; he forced banks to give out loans that almost took out the United States economy 2008. Obama’s leftist ideas are one reason we got into this mess in the first place.
Why forced loans don’t work
You can’t legislate the laws of economics away. You can’t distort prices with price controls without distorting supply and demand. Prices are a crucial element of the market economy. They tell us where resources are most valued, sending vital information to producers and consumers. Distort that information and we get the wrong goods produced, the wrong services provided. That’s how we got a huge overhang of subprime mortgages.
The government — via people like Obama — used laws to force banks to make a bad decisions, and then reacted in horror when those banks began to stumble. Obama’s ideas almost destroyed America, and now he’s claiming he’s the lone candidate who can save us from that same destruction. This is insanity.
Harry Browne, a former libertarian presidential candidate, once said: “Government is good at one thing: It knows how to break your legs, hand you a crutch, and say, ‘See, if it weren’t for the government, you wouldn’t be able to walk.”’
Read more: http://communities.washingtontimes.com/neighborhood/capitalism-institute/2012/sep/3/bombshell-obama-created-subprime-loans-lawyer/#ixzz2PtTaIXbe
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these were not "subprime" loans and it's total slop journalism to pretend that all (or even any) of these loans went bad because the borrowers were not qualified at the time of the loans. These were most likly CRA loans which had traditional underwriting standards. Been over this a million times before. I'm still amazed at the stupidity on this subject given all the information available.
Then again, a large % of Americans still think that Iraq at something to do with 911 or that ACORN helped steal the 2012 election
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http://www.snopes.com/politics/obama/loans.asp
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http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans
Obama has been a menace to society for decades
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http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans
Obama has been a menace to society for decades
why did you just repost the same lie?
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Time to let this thread go.
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why did you just repost the same lie?
He worked on those cases - yes or no?
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He worked on those cases - yes or no?
he was junior member of an 8 lawyer team and did not file the lawsuite
much more importantly the lawsuit had nothing to do with sub-prime loans, didn't force banks to make sub-prime loans, did not require lenders to make loans to poor people, etc..
How can you possibly be a lawyer when you can't even read and why are you re-posting old lies that have already been thoroughly de-bunked.
your time is much better spent searching the internet for pictures of TBombz than re-posting the same stupid lies
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he was junior member of an 8 lawyer team and did not file the lawsuite
much more importantly the lawsuit had nothing to do with sub-prime loans, didn't force banks to make sub-prime loans, did not require lenders to make loans to poor people, etc..
How can you possibly be a lawyer when you can't even read and why are you re-posting old lies that have already been thoroughly de-bunked.
your time is much better spent searching the internet for pictures of TBombz than re-posting the same stupid lies
O-twink favored sub prime
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O-twink favored sub prime
if you're going to just make shit up can you at least try to make it creative or funny
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if you're going to just make shit up can you at least try to make it creative or funny
Here you go - O-FRAUD loved subprime
go to 4:20
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Here you go - O-FRAUD loved subprime
go to 4:20
i dont waste my time watching videos that you post
you clearly have no clue what a subprime loan even is (more accurately "was")
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i dont waste my time watching videos that you post
you clearly have no clue what a subprime loan even is (more accurately "was")
LOL - 4:20 - Obama "Subprime was a good idea"
QUOTE
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LOL - 4:20 - Obama "Subprime was a good idea"
QUOTE
I scrolled to 4:20 and didn't see the statement you have in quotation marks
What I did see at the 4:12 mark was a reference to CRA loans
Now pay attention to this next point closely Dopey
CRA LOANS ARE NOT SUB-PRIME LOANS
Also note that I pointed out in my first post that the story (false in its premise) is about CRA loans and not subprime loans
these were not "subprime" loans and it's total slop journalism to pretend that all (or even any) of these loans went bad because the borrowers were not qualified at the time of the loans. These were most likly CRA loans which had traditional underwriting standards. Been over this a million times before. I'm still amazed at the stupidity on this subject given all the information available.
Then again, a large % of Americans still think that Iraq at something to do with 911 or that ACORN helped steal the 2012 election
how many times have we been over this same topic
I know right wing morons love to blame CRA but we've known all along that the CRA program (which existed for decades prior to the introduction of the "subprime" category and still exist today even though "sub-prime" is gone) was not responsible for the crash of the credit markets
http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinvestment_act_had_nothing_to_do_with_subprime_crisis.html
As I said before, your internet search time is better spent looking for pics of your favorite gay crush then re-hashing this tired old lie
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33 is not a lawyer, we know this. He posts far to much. I mean anyone could sneak a couple posts from work but this guy is posting like 50 posts a day.
Why is this thread still up? false info should be deleted.