.....the (real / unfettered) free market.
Posted on 09/18/2008 4:53:51 AM PDT by Big Labor Hater
Everyone should know the leftist talking points over the failing banks. Larry Kudlow was on MSNBC this morning facing the "round table," including former Republican, Joe Scarbrough, and he went on to tell all of them that Congress was responsible for forcing the big banks to issue subprime loans to people who couldn't pay them. And, in typical liberal fashion, all those sitting around the table immediately said, "you are blaming this on poor people, Larry?" They pounded him with that line over and over again, trying to deflect any role in all these bank failings of Congress. To Larry's credit, he pounded his point home over and over. Of course, he is right.
“you are blaming this on poor people, Larry?”
No, I’m blaming it on those who made it possible to make bad loans to people - and not necessarily poor people! That would be the Clinton administration, and Congress.
Can you say “affordable housing”? And some people think that NObama’s ideas actually make sense...
“...you’re blaming this on the poor, larry?”
translation: “you’re blaming this on the revolutionary proletariat, larry?”
McCain needs to make sure he gets out in front with this issue, because 0bama will use lots of rhetoric that makes him look like he has the edge on this issue.
GOP mantra must be that FNMA started making bad loans when Jesse Jackson and Co. complained about lack of credit to people who weren’t credit worthy,
The DBM's, best kept secret. The rest of the 'round table' must have went rabid upon hearing his truthful response.
And then they will be called racists.
I wouldn’t watch PMSNBC even if I had B.O. dumbo ears full of quaters! I choose to not watch it, hoping they wither on the vine!!
They’re called NINJA loans for a reason!
No Income, No Job, No Assets!!!!
And, in typical liberal fashion, all those sitting around the table immediately said, “you are blaming this on poor people, Larry?”
Yes typical liberal. Can not even understnd English. Even a non College Grad could understand that he was blaming THEM. Politicians - Particularly those on the left that USE poor people to garner votes. The Congress set up the Banks to fail when they forced sub prime loans. To the Banks dis-credit their greed allowed them to accept that and not fight it.
NINJA = no income, no job ... approved
Translation: It's Bush's fault! No 3rd term for Bush! All hail the messiah Barack!
That would be the Republican Congress? And if it was all Clinton's fault why did it take till now to blow up?
Greed was the cause. Greed on the part of borrowers and on the part of the lenders. Having refinanced the most credit worthy mortgages as rates dropped, some several times, they were forced to go after the lower and lower hanging fruit in order to keep the fees coming in. That's why all the no-equity loans, interest only loans, no credit check loans, no documentation loans, bad credit? no problem loans came in to being over the last 3 or 4 years. And it blew up.
Yes, that’s why it’s so frustrating that McCain just hammers at ‘Wall Street greed’, making himself sound as anti-capitalist as Obama.
Not only were JJ and, ahem, ACORN, pushing for this, but Clinton’s administration forced banks to make bad loans to minorities.
IMHO, this entire episode, include the probably trillion-$ cost to taxpayers is more or less the kind of reparations that Obama brags about wanting to effect through legislation within larger programs.
Correctamundo! It was the firestorm over lenders supposedly redlining minority areas that led to this.
You shouldn’t bad mouth Ninja even if it is the acronym!
Ravenstar
.....the (real / unfettered) free market.
a Ninja would never show off that way!!!! Reminds me of Kung Fu and Karate wannabes! LOL great animation though.
Ravenstar
It was Clinton’s administration including Clinton himself that came up with this originally.
That is a fact.
Nobody said only Clinton was at fault.
As for why did it take this long to “blow up”.
These mortgages that people were given when there was no ability to pay them back did take years to work their way through the system to the point where entities started going belly up. That, too is a fact. Deal with it.
There were problems there that some noted and tried to fix. McCain cosponsored a bill in 05 to reform Fannie and Freddie. He said these entities were headed for the blow up that did indeed occur this year. It was blocked. Never got out of its tracks. The Bush administration supported the reforms, argued for them.
I take it you HAVE heard that one or a handful of Senators can block something if they are determined it never see the light of day?
Guess what...it’s true.
Republicans held the Senate briefly. Then it was 50-50 for awhile then it was taken back by Dems and it hasn’t been ours sense.
To just throw out the words “Republican Congress” proves beyond doubt you don’t do your homework, or you have an agenda you’re pushing and the details are inconvenient to your agenda.
The corporate world shares in this blame. They didn’t properly carry out their fiduciary responsibility.
But they were pushed and shoved by politicians - primarily Democrats - to loan money to people who couldn’t affort the loans.
The Fannie and Freddie thing was even worse, in that Jim Johnson and Franklin Raines (who are advisors to Obama) et al were heading up entities that had both public and private features to them, and they were directly protected in their practices by the congresscritters who were supposed to have oversight.
Those perps happened to be named Chris Dodd and Barney Frank.
Congressional Democrats.
Kudlow is right.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.