Another Obama record: 3 straight years of $1+ trillion deficits

[Fury]

Congrats to President Downgrade, Nancy Piglosi and Dingy Reid for 3 straight years of record deficits with nothing positive to show for it. The incompetence is strong with this axis of evil!

[Soul Crusher]

We still don't even have a budget! 

[Fury]

We still don't even have a budget! 

Don't worry, it's all part of their plan. No budgets = carte blanche to spend us into prosperity. The 3 years of $1+ trillion deficits have worked wonders for the economy!

"WINNING THE FUTURE!"

[Skip8282]

anybody and everybody is representative?

you mean like when 333 finds some random picture of a drunk and proclaims it's representative of people who support Obama?

btw - the "anybody and everybody" I was referring to is an actual leader of the something called the Tea Party Nation.   
That's a bit different from some random person.

Here's a quote from the guy himself

http://www.economist.com/blogs/democracyinamerica/2011/08/stimulus-thinking

Hardly, teaparty patriots are the ones typically associated.  Tea party nation is a different animal and they seem to collude and divide at varying times.

Great arguments by the way:

33 does it.

Tea Party does it.

My uncle's cousin's nephew's father does it. 

[Straw Man]

Hardly, teaparty patriots are the ones typically associated.  Tea party nation is a different animal and they seem to collude and divide at varying times.

Great arguments by the way:

33 does it.

Tea Party does it.

My uncle's cousin's nephew's father does it.  

does what?

BF loves calling people keynesians and I did nothing more than point out that he left the tea party off his list.

whether tea party nation is significantly different than some other faction doesn't really change the fact that I quoted a tea party leader and not just some random "anybody and everybody".   If the individual tea party leaders dont actually speak for the party then who does?

[Skip8282]

does what?

BF loves calling people keynesians and I did nothing more than point out that he left the tea party off his list.

whether tea party nation is significantly different than some other faction doesn't really change the fact that I quoted a tea party leader and not just some random "anybody and everybody".   If the individual tea party leaders dont actually speak for the party then who does?

As far as I know, nobody officially speaks for the Tea Party.  It's a rag-tag conglomeration of much smaller groups, though you're not alone in trying to make the claim as most media does the same thing.

Alright, I'm declaring myself the leader of VA Tea Party in Williamsburg.  Please reference me, my posts, my intellect, and my charm when looking to throw a thread off point.

Thanks,

[Straw Man]

As far as I know, nobody officially speaks for the Tea Party.  It's a rag-tag conglomeration of much smaller groups, though you're not alone in trying to make the claim as most media does the same thing.
Alright, I'm declaring myself the leader of VA Tea Party in Williamsburg.  Please reference me, my posts, my intellect, and my charm when looking to throw a thread off point.

Thanks,

the only "claim" that I made is that the tea party (ok - correction - a leader of a particular tea party group) seems to be a proponent of keynesian economic policy

[Fury]

As far as I know, nobody officially speaks for the Tea Party.  It's a rag-tag conglomeration of much smaller groups, though you're not alone in trying to make the claim as most media does the same thing.

Alright, I'm declaring myself the leader of VA Tea Party in Williamsburg.  Please reference me, my posts, my intellect, and my charm when looking to throw a thread off point.

Thanks,

[andreisdaman]

Refresh my memory - why did the banks do this?

loosened regulations allowed the banks and mortgage companies to give out loans to almost anyone without asking for income verification or collateral.....the banks and mortgage companies charged exorbitant fees every step of the way during the process...therefore the banks made money even on people who were not credit-worthy in the first place due to all the fees they were charging......the banks would also make money on the backend by foreclosing on those who they knew couldn't afford the mortgages and selling the homes..but then we went into a recession, the houses were worth less than their mortgages and the banks couldn't unload the houses because no one had money to buy them

this is it in a nutshell....there was a little more to it but I'm not an economist and economics is boring to explain....this is the gist of it

[Fury]

loosened regulations allowed the banks and mortgage companies to give out loans to almost anyone without asking for income verification or collateral.....the banks and mortgage companies charged exorbitant fees every step of the way during the process...therefore the banks made money even on people who were not credit-worthy in the first place due to all the fees they were charging......the banks would also make money on the backend by foreclosing on those who they knew couldn't afford the mortgages and selling the homes..but then we went into a recession, the houses were worth less than their mortgages and the banks couldn't unload the houses because no one had money to buy them

this is it in a nutshell....there was a little more to it but I'm not an economist and economics is boring to explain....this is the gist of it

In a nutshell? You left out the part where the federal govt., led by Bawney Fwank and Christopher Dodd, FORCED the banks to issue loans to these people in order to meet "racial quotas" and then they sat there and encouraged the banks wrapping up these mortgages into MBS with AAA ratings. Thanks to the Democratic bullshit with "everyone has the right to own a house".

Yes, they actually had racial quotas. They harassed a number of banks for not issuing enough loans to certain areas.

Bawney Fwank and Dodd should be in jail.

[andreisdaman]

In a nutshell? You left out the part where the federal govt., led by Bawney Fwank and Christopher Dodd, FORCED the banks to issue loans to these people in order to meet "racial quotas" and then they sat there and encouraged the banks wrapping up these mortgages into MBS with AAA ratings. Thanks to the Democratic bullshit with "everyone has the right to own a house".

Yes, they actually had racial quotas. They harassed a number of banks for not issuing enough loans to certain areas.

Bawney Fwank and Dodd should be in jail.

well....I did say that regulations were loosened.....I didn't lie did I???...i just wasn't sure in what way and why the regs were relaxed so I didn't want to go there......but this argument about the banks giving loans to minoriites who didn't deserve it is partly true but you neglect to mention that a whole lot of whites got those loans as well....so "quotas" as you put it wasn't the reason for the housing collapse....

sorry

[Fury]

well....I did say that regulations were loosened.....I didn't lie did I???...i just wasn't sure in what way and why the regs were relaxed so I didn't want to go there......but this argument about the banks giving loans to minoriites who didn't deserve it is partly true but you neglect to mention that a whole lot of whites got those loans as well....so "quotas" as you put it wasn't the reason for the housing collapse....

sorry

Loosened as in shaking down perfectly stable banks and forcing them to take on more risk by lending to sub-prime candidates in order to fulfill racial quotas.

Racial quotas weren't the only quotas that they were forced to fill. They also were forced to loan to low-income areas, too. And yes, those low-income areas included poor whites.

[andreisdaman]

Oh just wanted to add that people criticize Barney Frank for putting pressure on Fannie Mae and Freddie Mac for giving loans to the poor...BUT....84% of the housing loans given out by Fannie Mae and Freddie Mac between 2004 and 2009..WERE GIVEN TO WHITES....8% WERE GIVEN TO HISPANICS AND ONLY 5% WERE GIVEN TO BLACKS...so in no way was the failure of minorities to pay off their mortgages the cause of the housing crisis.....obviously there wasn't enough purchases by miniorities as a percentage of housing buys to cause a crisis of that scope

Also the law dictating that the banking industry was unfair to minorities in lending out mortgages in the past and forcing them to take corrective action, WAS PASSED IN 1977!!!!!...BARNEY FRANK WAS ONLY ENFORCING THE ALREADY EXISTING LAW WHEN HE LEANED ON BANKS TO LEND MORE MONEY TO THE POOR...up until then, banks were paying lip service to the law

I am no fan of Barney Frank,,,,,but lets put his involvement in perspective...

[Soul Crusher]

Not only that - these regulators knew the banks were bundling this crap and did nothing.   This is where bush admn was almost criminally negligent from 2005 - 2007 in not slowing down the housing ,market or at least trying to get Greenspan and thers to stop fanning the flames of this crap.

[andreisdaman]

Not only that - these regulators knew the banks were bundling this crap and did nothing.   This is where bush admn was almost criminally negligent from 2005 - 2007 in not slowing down the housing ,market or at least trying to get Greenspan and thers to stop fanning the flames of this crap.

wow....amazing....you can really say something smart when you put your mind to it....I totally agree with you

[Soul Crusher]

wow....amazing....you can really say something smart when you put your mind to it....I totally agree with you

If you pay attention I have said from day one I thought GWB second term was a disaster other than Roberts and alito.   

[andreisdaman]

If you pay attention I have said from day one I thought GWB second term was a disaster other than Roberts and alito.   

okay...got me there

[Fury]

Oh just wanted to add that people criticize Barney Frank for putting pressure on Fannie Mae and Freddie Mac for giving loans to the poor...BUT....84% of the housing loans given out by Fannie Mae and Freddie Mac between 2004 and 2009..WERE GIVEN TO WHITES....8% WERE GIVEN TO HISPANICS AND ONLY 5% WERE GIVEN TO BLACKS...so in no way was the failure of minorities to pay off their mortgages the cause of the housing crisis.....obviously there wasn't enough purchases by miniorities as a percentage of housing buys to cause a crisis of that scope

Also the law dictating that the banking industry was unfair to minorities in lending out mortgages in the past and forcing them to take corrective action, WAS PASSED IN 1977!!!!!...BARNEY FRANK WAS ONLY ENFORCING THE ALREADY EXISTING LAW WHEN HE LEANED ON BANKS TO LEND MORE MONEY TO THE POOR...up until then, banks were paying lip service to the law

I am no fan of Barney Frank,,,,,but lets put his involvement in perspective...

Who gives a fuck what the skin color was of the people the loans went to. They shouldn't have gone to them, period.

Bawney Fwank wasn't enforcing the law that was on the books. Bawney Fwank, Dodd, Clinton (followed by W) got it in their heads that every American should own a house and then went about making it happen.

[Soul Crusher]

okay...got me there

I actually resigned my RNC membership in 2005 after GWB squandered his political capital on amnesty for illegals in 2005.  

I busted my ass in 2004 in Florida for him doing canvassing, voter fraud monitoring, etc, and he used his first reelection Capitol for that?  


Fuck that!  

[andreisdaman]

Who gives a fuck what the skin color was of the people the loans went to. They shouldn't have gone to them, period.

Bawney Fwank wasn't enforcing the law that was on the books. Bawney Fwank, Dodd, Clinton (followed by W) got it in their heads that every American should own a house and then went about making it happen.

you are the one who brought up quotas so obviously YOU care what color they were.....I say its all the bank's fault in the end.....it is their own past discrimination in not giving out loans to minorities who deserved them which led to the gov't coming down on them thus forcing the banks to overreact and then give loans to the less qualified to try to stay in compliance with the law.....

also remember ..as I stated earlier the banks turned their overlending to their advantage by doing what 3333 stated...bundling....and overcharging on fees....so they knew they were going to make money anyway....and no one was looking over their shoulder since the gov't relaxed the regs

I don't have to tell you that when past injustice occurs, the result is often overcompensation and going overboard to write past wrongs......this was a classic case of that....

however I will concede that Clinton, Frank, Dodd, etc did have the mindset you mentioned in your post

[Fury]

you are the one who brought up quotas so obviously YOU care what color they were.....I say its all the bank's fault in the end.....it is their own past discrimination in not giving out loans to minorities who deserved them which led to the gov't coming down on them thus forcing the banks to overreact and then give loans to the less qualified to try to stay in compliance with the law.....

also remember ..as I stated earlier the banks turned their overlending to their advantage by doing what 3333 stated...bundling....and overcharging on fees....so they knew they were going to make money anyway....and no one was looking over their shoulder since the gov't relaxed the regs

I don't have to tell you that when past injustice occurs, the result is often overcompensation and going overboard to write past wrongs......this was a classic case of that....

however I will concede that Clinton, Frank, Dodd, etc did have the mindset you mentioned in your post

No, I don't care what the colors were; the government did. That's why they established racial and geographical quotas.  

[Soul Crusher]

they knew they were going to make money by the implicit govt backed guaranty of Fannie and Freddy so they took risky bets that they otherwise would never have done otherwise. 

[Fury]

they knew they were going to make money by the implicit govt backed guaranty of Fannie and Freddy so they took risky bets that they otherwise would never have done otherwise. 

Aided on by SEC regulators watching porn on their computers and the ratings agencies labeling the securities AAA.

[andreisdaman]

No, I don't care what the colors were; the government did. That's why they established racial and geographics quotas. 

I didn't know about the quotas and I'm still not sure if you're right about it but I will concede your point since you don't have a history of making stuff up....I'll research it when I have the time

[andreisdaman]

they knew they were going to make money by the implicit govt backed guaranty of Fannie and Freddy so they took risky bets that they otherwise would never have done otherwise. 

agreed again...you're on a roll today!