Explain this to me: WHY AREN'T THESE CRIMINALS IN JAIL? Because we don't really have a two party systen any more in this country. It's all a big shell game for the dumb public.
You still want to name Bush? What are you people? Look through the Congressional Record, and other sources, and you see the Bush administration warned Fannie Mae and Freddie Mac no less than 15 times, and Barney said all was cooll.
If anyone really wants to understand the subtleties of what happened, and realize BOTH parties are to blame, them read "all the devils are here". This thread is ridiculous, get educated.
"Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
-Ron Paul (R-TX), September 10, 2003.
But he can't be right, he has an R next to his name!
In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives' bonuses were linked – by a stunning $9.3 Billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90 Million in bonuses and stock options.
Yet Barney Frank , Maxine Walters, Chris Dodd, and pals blocked all attempts to put a rein on Raines.
let us praise Congressman Artur Davis of Alabama, who confessed :
" Like a lot of my Democrat colleagues I was too slow to appreciate the recklessness of Fannie and Freddie when in retrospect I should have heeded the concerns raised. I wish my Democrat colleagues would admit that we were wrong. "
Congressman Davis will not go far in corrupt DC with this attitude – but at least he will be able to look at himself in the mirror.
--------------------------
The Community Reinvestment Act and the expansion of it in the mid-90s that is the root cause of this problem.
Why is no one talking about this?
The CRA forced banks to find clever ways to lend money to people who can not afford to pay it back.
How about we stop appointing shady corporate execs and right wing, pro-deregulation people to these posts (thanks Bush), and stop *hamstringing* the regulatory agencies to begin with?
Most of us lived in reality, where Republicans controlled the Senate, Republicans controlled the House, and they gave the Republican controlling the Whitehouse anything he wanted. And - check the Congressional Record - Democrats, spineless as they are, never filibustered efforts to 'reign in' Fannie Mae or Freddie Mac. Barney and Bush's soundbites don't mean jack if you're going to be so clumsy as to accept reality, with its well known liberal bias.
So sure, lets play the 'check reality' game. It does have blame to go around to both parties, but the villianization of Fannie Mae and Freddie Mac is a fiction.
To many people want to live in this social-centric ideology that what ever facts are presented, it is filtered first through ideology and if it cannot fit, then it is ignored...but if you can put blame on opposition then facts are exaggerated.
Reality is not so black and white, your simplistic view only further the problem and it will happen again, blame sits on your shoulders (and people who think like you) because finger pointing while blind doesn't point anywhere.
get your facts straight, sure call out the opposition, but call out your own party as well.
Barney Frank , Maxine Walters, Chris Dodd all wanted wanted social equality for everyone"The American dream of owning a house". A noble cause, however forcing (writing into law) banks to take loans from people who can not afford it is economic suicide. Back in 98 conservatives warned of this, and was abruptly dismissed for political in-correctness.
i am so happy to see both sides of digg come down on Fraud Mac. conscious people on both sides unite, support primary challengers to sitting congressmen in your OWN party.
It amazing me how long that talking point has persisted. Even a cursory glance at the number of regulations in the US federal register shows an ever increasing number. Bush, the so called 'great deregulator' added literally thousands of pages of new regulations during his time in office. This includes regulations for the financial industries too. Deregulation did not happen, yet the myth persists.
roywrFeb 6, 2012Buried
Explain this to me: WHY AREN'T THESE CRIMINALS IN JAIL? Because we don't really have a two party systen any more in this country. It's all a big shell game for the dumb public.
kantspelwriteFeb 6, 2012Buried
Rather go to bed with out dinner than to rise in debt.
--Benjamin Franklin
pivenFeb 6, 2012Buried
Fannie and Freddie executives also get huge bonuses from the taxpayers.
No more bonuses and the federal government should [ never will ] get out of this Fannie and Freddie mess.
blean1Feb 6, 2012Buried
You still want to name Bush? What are you people? Look through the Congressional Record, and other sources, and you see the Bush administration warned Fannie Mae and Freddie Mac no less than 15 times, and Barney said all was cooll.
tylorlilesFeb 7, 2012Buried
my money is on ben. ben would kick his ass then bang a french hottie.
elliotysFeb 7, 2012Buried
If anyone really wants to understand the subtleties of what happened, and realize BOTH parties are to blame, them read "all the devils are here". This thread is ridiculous, get educated.
stobbesFeb 7, 2012Buried
"Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
-Ron Paul (R-TX), September 10, 2003.
But he can't be right, he has an R next to his name!
pivenFeb 6, 2012Buried
In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives' bonuses were linked – by a stunning $9.3 Billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90 Million in bonuses and stock options.
Yet Barney Frank , Maxine Walters, Chris Dodd, and pals blocked all attempts to put a rein on Raines.
let us praise Congressman Artur Davis of Alabama, who confessed :
" Like a lot of my Democrat colleagues I was too slow to appreciate the recklessness of Fannie and Freddie when in retrospect I should have heeded the concerns raised. I wish my Democrat colleagues would admit that we were wrong. "
Congressman Davis will not go far in corrupt DC with this attitude – but at least he will be able to look at himself in the mirror.
--------------------------
The Community Reinvestment Act and the expansion of it in the mid-90s that is the root cause of this problem.
Why is no one talking about this?
The CRA forced banks to find clever ways to lend money to people who can not afford to pay it back.
http://www.thisislondon.co.uk/standard/article-23563172-dont-blame-bankers-its-down-to-a-man-called-bill.do
novenatorFeb 6, 2012Buried
How about we stop appointing shady corporate execs and right wing, pro-deregulation people to these posts (thanks Bush), and stop *hamstringing* the regulatory agencies to begin with?
bluto36Feb 6, 2012Buried
not anymore ben...
ben would not like Mr Krugman
sloppyjoes7Feb 6, 2012Buried
But Fannie Mae was a government regulated entity, and the solution to fraud is government regulation!
nsaneyFeb 7, 2012Buried
So this happened during the Bush years and now you blame Obama. LMFAO
Bush put his boys in charge of them. Hell, they did not even get into the risky stuff until then the best that I have read.
jhw539Feb 7, 2012Buried
Most of us lived in reality, where Republicans controlled the Senate, Republicans controlled the House, and they gave the Republican controlling the Whitehouse anything he wanted. And - check the Congressional Record - Democrats, spineless as they are, never filibustered efforts to 'reign in' Fannie Mae or Freddie Mac. Barney and Bush's soundbites don't mean jack if you're going to be so clumsy as to accept reality, with its well known liberal bias.
So sure, lets play the 'check reality' game. It does have blame to go around to both parties, but the villianization of Fannie Mae and Freddie Mac is a fiction.
http://www.factcheck.org/2008/10/who-caused-the-economic-crisis/
novenatorFeb 7, 2012Buried
Your repeated use of the word "fwank" is clearly a sign of homophobia.
letherialFeb 7, 2012Buried
To many people want to live in this social-centric ideology that what ever facts are presented, it is filtered first through ideology and if it cannot fit, then it is ignored...but if you can put blame on opposition then facts are exaggerated.
Reality is not so black and white, your simplistic view only further the problem and it will happen again, blame sits on your shoulders (and people who think like you) because finger pointing while blind doesn't point anywhere.
get your facts straight, sure call out the opposition, but call out your own party as well.
spc4Feb 7, 2012Buried
Barney Frank , Maxine Walters, Chris Dodd all wanted wanted social equality for everyone"The American dream of owning a house". A noble cause, however forcing (writing into law) banks to take loans from people who can not afford it is economic suicide. Back in 98 conservatives warned of this, and was abruptly dismissed for political in-correctness.
batfishyFeb 7, 2012Buried
Fwank? People without a valid argument are the ones who make fun of things that really aren't funny.
What a sweet bunch of people the moral majority turned out to be.
darkstar1stFeb 7, 2012Buried
i am so happy to see both sides of digg come down on Fraud Mac. conscious people on both sides unite, support primary challengers to sitting congressmen in your OWN party.
kaelyiestaFeb 7, 2012Buried
It amazing me how long that talking point has persisted. Even a cursory glance at the number of regulations in the US federal register shows an ever increasing number. Bush, the so called 'great deregulator' added literally thousands of pages of new regulations during his time in office. This includes regulations for the financial industries too. Deregulation did not happen, yet the myth persists.
raineydoreenFeb 7, 2012Buried
People should also know how to manage their finances and determine what amount of loan they can only afford to pay to avoid such fraud.