Posted on 10/04/2008 8:44:27 AM PDT by Candor7
Now what was the name of the firm that Paulsen just retired from????
Paulsen is on board with the Obama agenda.He has traduced our president and Congress.
[BTW, I could not post on news activism. The topic page was loading blank repeatedly, preventing it.I logged off and relogged, but it remained the same. Anyone else have this glitch?]
BTT!
Warren Buffet get 5 billion in Goldman to keep the open.
Goldman will get theirs as soon as the short sellers are allowed back in. Now that the bailout bill is done, it’s only a matter of days until the ban is lifted. Goldman deserves to die.
The 1995 Community Reinvestment Act forces banks to give loans to those who can not repay them. They're backed by tax dollars. Socialists took full advantage of these and recruited the poor and minorities to buy homes they could not afford. The Socialist organizations then bought those loans, and demanded the government, taxpayers, to comply with the guaranteed taxpayer backing. 700 billion in cash is now due, and the government now controls 50% of our housing industry.
No one is Washington is daring to repeal, or even speak about the 1995 act for fear of racial discord.
Please take the time to read the 1995 Community Reinvestment Act.
Give it up, the reinvestment act did not cause fraud on this level.
bump
The article was great until the conclusion. The collapse is deflationary, Cash is King right now.
Bush is too dumb to understand any of this so he has to take Paulson at his word.
As I said on another thread, the foreclosure problem is not addressed in this bill. If you’re about to lose your home, don’t count on Uncle Sam just yet. It’ll be next year and at least $200 billion more. That’s probably about enough to hire all the government property managers, government appraisers, government surveyors, government house cleaners, government home inspectors, etc.
I sent my Exxon bill to the White House. I’m going to send copies to my congress men/women who voted for this rich guy bail out and ask them to forward it to Paulson.
This certainly helps to explain why the Treasury Secretary was so terrified when he appeared before Congress. He wasn’t scared of them, but of his wealth going “poof” along with everyone else’s, and of his reputation going with it. And he will now manage the bailout? Thanks much, Candor7.
It caused a substantial chunk of it.
Henry Paulson though, must be investigated for his own anti-American actions.
You keep posting that, but you are wrong.
The CRA got the sub prime idea rolling.
Then all of the other bad things kicked in, like banks selling sub prime mortgages to get them off their books as described in this article.
That in turn led to the AIG, FM twins doing their thing, etc.
So although the CRA did not in itself cause the problem, it started it.
That is like saying the kids (congress) playing with matches (the CRA interference with proved market principles) did not cause the house to catch fire (the sub prime mortgages), the fire to burn the house (FM twins, AIG, Lehman, etc.)and the residents to die of the burns (unlucky stockholders and taxpayers).
No the matches did not cause it. The kids (our congress) playing with matches (CRA) started the fire.
There’s plenty of blame to go around.
Bush seeks to increase minority homeownership (FHA with no down payments to bad credit risks!)
By Thomas A. Fogarty, USA TODAY 1/20/2004
http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm
Can’t give a snip of USA today, but it’s worth the read!
“Give it up, the reinvestment act did not cause fraud on this level.”
People are desperate to blame black people instead of white gazillionaires. ACORN! Raines!
This is a good article except for the “fraud” allegations. This is not fraud. It is the free market. What is it about freedom people don’t understand? The bailout is like if the govt. stopped regulating road traffic, then covered the liability of everyone who killed someone speeding. Worse, these “fraud”sters are effectively printing money, something which the government regulates within itself.
There won’t be an attempt in the MSM to fathom explanation until after the election. Obama has hitched his star with Bush and the Goldman Sachs bailout, so that cannot be examined closely.
It is a little comforting that Bush’s apocalyptic warnings might be an overreaction via Paulson to narrowly protect Goldman in particular.
The only way to prevent a CRA-induced crash around 2005 was to open the floodgates of fraud to prop up the housing market. Blame the people who decided it would be better to open the floodgates than be caught in a small crash, but were it not for CRA-induced malfeasance, there would have been no driving motivation to open the floodgates to the upcoming major crash.
http://financialsense.com/fsu/editorials/amerman/2008/0917.html
Agreed, but not for long as currencies will likely devalue quickly.
The Euro is already taking a dive.
The show will be by Wednesday.
Bank runs? Maybe.
Is there something I am doing wrong, or is the Post to Activism page just not working well?
I logged off and back on several times, but that made no difference.
Thank you for any advice you might be able to give via Freep Mail
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