Bush Called For Reform 17 Times in 2008 alone. Dems Ignored Warnings

[OzmO]

Aren't there laws on the books protecting the consumer from predatory lenders (and themselves)?

Uhhh, yeah.

Well, what the fuck happened?

Bush 'deregulated' the anti-predatory lending laws. 

Really?

Yup.

So it was the Wild, Wild West of lending practices going on....

(It's good I have someone to talk with)

G'morning Decker   

[bears]

Aren't there laws on the books protecting the consumer from predatory lenders (and themselves)?

Uhhh, yeah.

Well, what the fuck happened?

Bush 'deregulated' the anti-predatory lending laws. 

Really?

Yup.

So it was the Wild, Wild West of lending practices going on....

(It's good I have someone to talk with)

wow at least camel jockey can have an intelligent back and forth and knows the history of these policies and who made them.  you have a foregone conclusion and are just ranting.  let me guess.  you vote democrat?

[Decker]

G'morning Decker   

Good morning Ozmo.

[dkf360]

wow at least camel jockey can have an intelligent back and forth and knows the history of these policies and who made them.  you have a foregone conclusion and are just ranting.  let me guess.  you vote democrat?

Typical right wing response when trapped  in a corner.

Why don't you try refuting his statement instead?  Oh right, it's because you can't.

[Decker]

wow at least camel jockey can have an intelligent back and forth and knows the history of these policies and who made them.  you have a foregone conclusion and are just ranting.  let me guess.  you vote democrat?

I like camel jockey but don't mistake your 'back and forth' for the truth.  

Let's see, you already don't know the name of the democratic party so I'm taking a flier that you're some programmed rightwinger?  I could be wrong but I usually nail these types of things.

But I'm a nice guy so I'll let you make your own argument b/c it helps me out:  Dude.  Seriously?  Do you seriously put the blame on Bush for the economic strain that these poorly leveraged banks put on our system?  This is what happens when you allow Greenspan and Bill Clinton in the late 90's to drop rates so low that anyone can qualify to buy a home.  Do you honestly not see what transpired or are you that much of an idealogue that you refuse to?  You people confuse me.  And Clinton and Greenspan are not wrong or disingenuous for trying what they did.  They took a shot at boosting the economy.  And it worked...for a while.  Their mistake was banking on the hope that these lower income people would  be able to pay off their entire debt, not the just the first 8 years of payments.  They lost that bet.  You know why?  

Because their intention was that these people making 30-50K a year would buy 150-200K homes.  They didn't buy 150-200K homes.  They bought 300-400K homes.  This is the consequence.  It's really our own fault as Americans who want it all right now

 and just think that their government will bail them out of their poor decision making abiltities.  And now we sit back and blame Congress and our President and make ill founded accusations on the men trying to clean our mess up....sad.  

_____________________

That's a nice quote.  Did you notice the stuff that I put into boldtype print?  Do you know what laws keep unqualified people from getting mortgages beyond their ability to pay?

Do you have an idea?  It could be the anti-predatory laws of each state in the Union.

Noooo.  Yes!  It's true.

That was until Bush and his OCC pre-empted all state lending oversight laws with unenforced federal law.

Now is the picture starting to clear up?

You got it half right.  Yes, it's common knowledge the american public live beyond their means.  We have negative savings rates.

But what would you expect from a citizenry driven to acquisitive success and egged-on by a president to shop more to help the war effort.  Such sacrifice.

[bears]

Typical right wing response when trapped  in a corner.

Why don't you try refuting his statement instead?  Oh right, it's because you can't.

i think my earlier posts speak for themselves.  you should try reading them.  so let me get this straight.  im a right winger now?  can i be a right winger when i vote democrat?  please tell me.  i dont get it.  o wait now i do.  if i disagree with anyone who tries to blame something on George Bush that makes me a right winger.  you guys obviously have not been doing your homework on this issue but choose to scream that fact out to the world on this board.  you make me not want to vote at all this election.  you are part of the problem.  no more comment necessary.

[y19mike77]

Dude.  Seriously?  Do you seriously put the blame on Bush for the economic strain that these poorly leveraged banks put on our system?  This is what happens when you allow Greenspan and Bill Clinton in the late 90's to drop rates so low that anyone can qualify to buy a home.  Do you honestly not see what transpired or are you that much of an idealogue that you refuse to?  You people confuse me.  And Clinton and Greenspan are not wrong or disingenuous for trying what they did.  They took a shot at boosting the economy.  And it worked...for a while.  Their mistake was banking on the hope that these lower income people would  be able to pay off their entire debt, not the just the first 8 years of payments.  They lost that bet.  You know why?  Because their intention was that these people making 30-50K a year would buy 150-200K homes.  They didn't buy 150-200K homes.  They bought 300-400K homes.  This is the consequence.  It's really our own fault as Americans who want it all right now and just think that their government will bail them out of their poor decision making abiltities.  And now we sit back and blame Congress and our President and make ill founded accusations on the men trying to clean our mess up....sad.    

Perfectly put.

I never could understand how its the govt fault for us spending to much money.

[OzmO]

Perfectly put.

I never could understand how its the govt fault for us spending to much money.

They are not in the direct sense.

Who would be at fault if the government made herion and crank legal with zero repercussions?   The junkies or the government or both?

[Decker]

They are not in the direct sense.

Who would be at fault if the government made herion and crank legal with zero repercussions?   The junkies or the government or both?

Great point.

I think this bailout should show that the free market is a pipedream that's used by elitest apologists to rope in starry-eyed suckers with libertarian dreams and it's conveniently discarded by these same people when financial elites find it a hindrance.

Let's see, the bankers still get paid on the bad loans they knowingly made, the little guy still gets his default on the loan and the loss of his home, the tax payer foots the bill and people are looking only at joe lunchbox as the fucking problem?

We've been trained well.

I see the willing stupidity expressed on this board time and again and I've fucking had it.  These macho rugged individualists have never cut the cord btn themselves and El Rushbo.

Here's some free advice:  Grow a fucking pair and start thinking for yourself.

Just maybe these people might break out of their rugged individual tomb...maybe.

I'm sorry you had to see me like this Ozmo.

[OzmO]

Great point.

I think this bailout should show that the free market is a pipedream that's used by elitest apologists to rope in starry-eyed suckers with libertarian dreams and it's conveniently discarded by these same people when financial elites find it a hindrance.

Let's see, the bankers still get paid on the bad loans they knowingly made, the little guy still gets his default on the loan and the loss of his home, the tax payer foots the bill and people are looking only at joe lunchbox as the fucking problem?

We've been trained well.

I see the willing stupidity expressed on this board time and again and I've fucking had it.  These macho rugged individualists have never cut the cord btn themselves and El Rushbo.

Here's some free advice:  Grow a fucking pair and start thinking for yourself.

Just maybe these people might break out of their rugged individual tomb...maybe.

I'm sorry you had to see me like this Ozmo.

No worries bud.    Your input, regardless of tone, is always informative if not entertaining at times.

 I know you get frustrated at times.

I was listening to this radio show yesterday, and Gene Burns, the host, kept on crediting people for their loyalty to their party in the face of contradicting facts.  That's the way it is with some people here on Getbig.   They will not even give an inch no matter how ridiculous their stance is.  However, many are not that way and will give a more realistic view regardless of their party's ideology.

[dkf360]

i think my earlier posts speak for themselves.  you should try reading them.  so let me get this straight.  im a right winger now?  can i be a right winger when i vote democrat?  please tell me.  i dont get it.  o wait now i do.  if i disagree with anyone who tries to blame something on George Bush that makes me a right winger.  you guys obviously have not been doing your homework on this issue but choose to scream that fact out to the world on this board.  you make me not want to vote at all this election.  you are part of the problem.  no more comment necessary.

You still avoided the fact that under Bush's administration predatory lending laws were removed.  This is what allowed lenders to abuse their powers and push those making the 30-50K to take out hefty loans to pay for the homes they couldn't afford. Also, a lot of the borrowers were kept in the dark about the consequences and were told there were monthly payments plans that they can afford under ARM loans.  At the end of the day, it is up to the lending institution to do the proper due diligence to ensure that the borrower can actually afford this loan and not approve it is they cannot.  And a big shout out to the Republican administrations for deregulating this industry, thus causing the mess we're witnessing now.

And I do agree with your assessment that you shouldn't vote at this election, as the uninformed shouldn't be doing so.

[bears]

You still avoided the fact that under Bush's administration predatory lending laws were removed.  This is what allowed lenders to abuse their powers and push those making the 30-50K to take out hefty loans to pay for the homes they couldn't afford. Also, a lot of the borrowers were kept in the dark about the consequences and were told there were monthly payments plans that they can afford under ARM loans.  At the end of the day, it is up to the lending institution to do the proper due diligence to ensure that the borrower can actually afford this loan and not approve it is they cannot.  And a big shout out to the Republican administrations for deregulating this industry, thus causing the mess we're witnessing now.

And I do agree with your assessment that you shouldn't vote at this election, as the uninformed shouldn't be doing so.

and you are the informed?  my god.  your ignorance on this issue is getting downright annoying.  both the clinton and bush administrations were responsible for the deregulation of the mortgage industry.  how many times do i have to say that for you to understand.  i have some homework for you.  Gramm-Leach-Bliley Act.  please look it up.  It happened in 1999 and was signed by Bill Clinton (he was president at that time).  and yes bush furthered these efforts for deregulation during his first four years as well.  i am aware of that.  the problem is that idealogues like you are trying to play the blame game on the republicans while at the same time trying to completely exonerate the democrats from any responsibility.  i happen to vote democrat myself.  but that doesnt mean that i purposely turn a blind eye to the truth about the way this country is run.  you simply refuse to look at anything objectively.  every little fact that you cram your little brain with is only there to further your ridiculous ideology.  the sad fact is that you're going to vote for obama and if he gets elected you'll spend the next four years defending every one of his actions no matter what.  that my friend is quite pathetic.  we dont need people like you voting.  ill say it again.  you're what is wrong with this country.  these politicians and their parties dont care about you son.  please dont sell yourself out of the truth while defending them.

[dkf360]

and you are the informed?  my god.  your ignorance on this issue is getting downright annoying.  both the clinton and bush administrations were responsible for the deregulation of the mortgage industry.  how many times do i have to say that for you to understand.  i have some homework for you.  Gramm-Leach-Bliley Act.  please look it up.  It happened in 1999 and was signed by Bill Clinton (he was president at that time).  and yes bush furthered these efforts for deregulation during his first four years as well.  i am aware of that.  the problem is that idealogues like you are trying to play the blame game on the republicans while at the same time trying to completely exonerate the democrats from any responsibility.  i happen to vote democrat myself.  but that doesnt mean that i purposely turn a blind eye to the truth about the way this country is run.  you simply refuse to look at anything objectively.  every little fact that you cram your little brain with is only there to further your ridiculous ideology.  the sad fact is that you're going to vote for obama and if he gets elected you'll spend the next four years defending every one of his actions no matter what.  that my friend is quite pathetic.  we dont need people like you voting.  ill say it again.  you're what is wrong with this country.  these politicians and their parties dont care about you son.  please dont sell yourself out of the truth while defending them.

meltdown.   

[Busted]

COACH refer to below.

Have a nice day.

[Camel Jockey]

and you are the informed?  my god.  your ignorance on this issue is getting downright annoying.  both the clinton and bush administrations were responsible for the deregulation of the mortgage industry.  how many times do i have to say that for you to understand.  i have some homework for you.  Gramm-Leach-Bliley Act.  please look it up.  It happened in 1999 and was signed by Bill Clinton (he was president at that time).  and yes bush furthered these efforts for deregulation during his first four years as well.  i am aware of that.  the problem is that idealogues like you are trying to play the blame game on the republicans while at the same time trying to completely exonerate the democrats from any responsibility.  i happen to vote democrat myself.  but that doesnt mean that i purposely turn a blind eye to the truth about the way this country is run.  you simply refuse to look at anything objectively.  every little fact that you cram your little brain with is only there to further your ridiculous ideology.  the sad fact is that you're going to vote for obama and if he gets elected you'll spend the next four years defending every one of his actions no matter what.  that my friend is quite pathetic.  we dont need people like you voting.  ill say it again.  you're what is wrong with this country.  these politicians and their parties dont care about you son.  please dont sell yourself out of the truth while defending them.

The Gramm-Leach-Bliley Act allows banks to offer a wide variety of services like investment banking, commercial banking and insurance. It opened up the door for insurance providers, commercial banks and investment banks to merge. Of course you could call it a financial deregulation, but there's a huge difference between giving firms the chance to do different types business, then allowing them to lend without checking a person's employment status, credit history and capacity to put up collateral. 

Bush and his administration pushed the idea of every American family owning a home.. I remember it being a strong theme of his speeches in 2002-3. Greenspan was for it, but he didn't push the politically correct ideal, rather he just was in strong favor of run and gun capitalism.

As for the investment banks buying the loans and issuing securities backed by those very loans. It's always been done in the financial industry. Capital One was very famous for it. It's just that this time around the lending practices got so bad, and it's not like they had any idea that the mortgages the commercial banks were selling were garbage. Securitizing receivables and loans has always been done in the financial industry without huge economic repercussions, but not this time around.

[Camel Jockey]

No one can deny that this crisis is just another black eye for Bush and his administration.

The Iraq war, Afghanistan, Katrina, Alberto Gonzalez, Scooter Libby, Patriot Act and now the economic crisis. This guy is the worst president in American history.

[The Coach]

Who is Scooter "Levy"?

[Neurotoxin]

sarah palin ?


hahahaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaa!





NT

[Bindare_Dundat]

Bush and his administration pushed the idea of every American family owning a home.. I remember it being a strong theme of his speeches in 2002-3. Greenspan was for it, but he didn't push the politically correct ideal, rather he just was in strong favor of run and gun capitalism.

That program started with Bill Clinton, not that I'm defending Bush., or McCain. (Dislike both)

Pretty much most, (not all) of what's in this video can be verified if you look for articles relating to the claims.

In the end, everyone is pretty much guilty to a degree.

[dkf360]

and you are the informed?  my god.  your ignorance on this issue is getting downright annoying.  both the clinton and bush administrations were responsible for the deregulation of the mortgage industry.  how many times do i have to say that for you to understand.  i have some homework for you.  Gramm-Leach-Bliley Act.  please look it up.  It happened in 1999 and was signed by Bill Clinton (he was president at that time).  and yes bush furthered these efforts for deregulation during his first four years as well.  i am aware of that.  the problem is that idealogues like you are trying to play the blame game on the republicans while at the same time trying to completely exonerate the democrats from any responsibility.  i happen to vote democrat myself.  but that doesnt mean that i purposely turn a blind eye to the truth about the way this country is run.  you simply refuse to look at anything objectively.  every little fact that you cram your little brain with is only there to further your ridiculous ideology.  the sad fact is that you're going to vote for obama and if he gets elected you'll spend the next four years defending every one of his actions no matter what.  that my friend is quite pathetic.  we dont need people like you voting.  ill say it again.  you're what is wrong with this country.  these politicians and their parties dont care about you son.  please dont sell yourself out of the truth while defending them.

Btw, I feel the pain in your post rookie.  I love how you keep grasping at straws.  Please don't try to quote the Gramm-Leach-Bliley Act of 1999 like it has relevancy to this topic just because you recently read about it in your favorite financial porn magazine.

Just answer me this, what the fuck does allowing commercial banks to enter in investment banking territory have to do with the meltdown?  All it did was push Wall Street to come up with new forms of investments and products to sell. With the best financial minds working in these firms, you would assume they could come up with something that made more sense?  And how did they actually profit from these CDOs?  By taking advantage of the deregulations made by the Bush administration. 

You're out of your league.  Accept it.  Your lack of good punctuation and personal attacks showcases raw desperation. 

[Soul Crusher]

Geez man, atleast summarize it.

The bottom line is that Fanny and freddy were run into the ground by very liberal democrats and ex clinton officials like Franklin Raines and did nothing to heed many warning of financial disaster.

[Decker]

The bottom line is that Fanny and freddy were run into the ground by very liberal democrats and ex clinton officials like Franklin Raines and did nothing to heed many warning of financial disaster.

Not in a million years my friend.

Look up 'predatory lending practices'  and Bush's OCC.

[The Coach]

Not in a million years my friend.

Look up 'predatory lending practices'  and Bush's OCC.

  Denial's a bitch.

[Decker]

Denial's a bitch.

No.  Reality is a bitch b/c your plutocratic masters are cracking the whip to collect and you can't fork over the money fast enough.

[The Coach]

No.  Reality is a bitch b/c your plutocratic masters are cracking the whip to collect and you can't fork over the money fast enough.

Did you lose money?