Posted on 06/02/2016 12:05:27 PM PDT by detective
No question, but I’ll just be broke without the government and foundering companies hounding me.
A couple of years ago I discovered another benefit to having a heap. I was coming out of WalMArt and noticed a pair of suspicious characters going from car to car in the parking lot, looking in the windows and trying the door handles. They just walked around my car and didn’t even look in. There is tinting on the windows and that on the back window is in pretty bad shape. You can’t see through it from the outside at all. I can see out, though. When we had a wave of auto break-ins in the neighborhood my car was left alone. I maintain the motor and running gear but have declined offers of my body-shop bud to paint it. So long as there is no rust it is fine.
I once had a Datsun B210 that lasted for years. I got it with already over 200k on it. It didn’t die until my daughter blew a hose on it and drove it on almost home. I tried to teach her to take care of a car and she could change a tire but once when the oil light came on she put a quart in the radiator. It survived that one but the seized engine did it in. Daughter couldn’t figure out anything mechanical but sheis the only college grad in the family and went on to make 150k a year with an Inet company in the .com boom and it survived the crash.
I like it.
A sure sign the economy is getting ready to tank: free money to "buy" a new car.
Make no mistake, 0% interest is "free money" too.
I paid half of that for my first home. My first new car was $4500.
The worst of the subprime loans were from companies that had close ties to the Democrat Party.
Read about Countrywide, Golden West and others.
Numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called “FOA’s”—”Friends of Angelo”, Countrywide’s Chief Executive Angelo Mozilo. The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd (D-CT), and the chairman of the Senate Budget Committee, Kent Conrad (D-ND). The article also noted Countrywide’s political action committee had made large donations to Dodd’s campaign. The largest recipient of campaign contributions from Countrywide, though, was Rep. Ed Royce (R-CA), House Financial Services Committee), who has received $37,500 since 1989. Dodd has advocated that the federal government, through the Federal Housing Administration, insure up to $300 billion in refinanced mortgages for distressed homeowners.
On 18 June 2008, a Congressional ethics panel started examining allegations that Democratic Senators Christopher Dodd of Connecticut (the sponsor of a major $300 billion housing rescue bill) and Kent Conrad of North Dakota received preferential loans by troubled mortgage lender Countrywide Financial Co.
Angelo Mozilo, though engaged in fraud, was rescued by the corrupt Obama SEC and DOJ. They refused to pursue criminal charges against Mozilo.
Fannie Mae was also corrupt.
It was reported by the Wall Street Journal on 6 June 6, 2008 that two former CEOs of Fannie Mae, Franklin Raines and James A. Johnson, who was also an adviser to then-Democratic presidential candidate Barack Obama, had received loans from Countrywide. On July 16, 2008, The Washington Post reported that Franklin Raines had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.” However, Raines and the Obama campaign both allege that Raines has never advised Obama.
And don't forget Barney Frank who fought every attempt at regulatory oversight of the corrupt subprime mortgage schemes that almost brought down the entire economy.
“And don’t forget Barney Frank who fought every attempt at regulatory oversight of the corrupt subprime mortgage schemes that almost brought down the entire economy.”
You were doing good up to that point. Bush was as much in favor of subprimes as Barney- subprimes weren’t what either of them were concerned about, they both were promoting subprime lending and were doing absolutely nothing to curtail it.
The problem with Fannie was that it was undercapitalized. Too much debt to equity. That’s what Bush and McCain wanted addressed. Barney was siding with Fannie’s executives, who had been manipulating their earnings statements in order to boost their bonuses. People often assume that Bush was trying to reign in subprime lending and that his concern about Fannie involved that. Not so at all.
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