Skip to comments.
Gerald Warner: Capitalism didn't kill the banks - socialism did (read and bookmark)
The Scotsman ^
| Nov. 23, 2008
| Gerald Warner
Posted on 11/22/2008 7:58:20 PM PST by FocusNexus
click here to read article
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-59 next last
To: FocusNexus
To: FocusNexus
I’m talking with realestate agents handling foreclosurers in SoCal and I can confirm that a vast majority of these deals were people who managed to get loans because of CRA and that prices were pushed up by CRA loans. You have plenty of illegals with 400k mortgages..going into foreclosurer.
22
posted on
11/22/2008 9:46:06 PM PST
by
Oldexpat
(Drill Here, Drill There..we must drill everywhere.)
To: org.whodat
Now read this real slow, the CRA legislation never applied to the mortgage markets. It only applied to banks. Then ask yourself has clintoon been in office for the past eight years?? And did we not have a republican congress for most of the clintoons years and the jorge years. This makes sense only if you are completely and purposely ignorant of the details. For what it's worth, not only were Democrats able to block or filibuster any reform legislation but they threatened Republicans with the race card if any attempted to reform the CRA, Fannie or Freddy. So even though reform was attempted, double digit attemmts in fact, nothing came of it.
To: org.whodat
As one who worked in the mortgage industry during this entire fiasco I can tell you that Fannie/Freddie policy, steared by CONGRESS, was the major culprit.
Remember the "refi boom" 2001-2002? Instead of a return to "normalcy" in the mortgage markets when the boom ended, Fannie/Freddie launched an increasingly aggressive series of subprime mortgage products. That lead to inflation in housing prices, and the eventual crash of the housing market due to non-performing loans.
I don't know how you can say CRA applied to banks and not mortgages when CRA dictated the number and kind of mortgages banks were required to issue.
There's a very good video called "Burning Down the House" that provides a summary of these events:
http://www.youtube.com/watch?v=1RZVw3no2A4
24
posted on
11/22/2008 10:02:42 PM PST
by
GVnana
("I once dressed as Tina Fey for Halloween." - Sarah Palin)
To: FocusNexus
Bump for later Sunday reading
25
posted on
11/22/2008 10:55:52 PM PST
by
SuziQ
To: rockinqsranch
I seriously doubt he even knows what derivatives are and what they do. You might want him to explain what they are, and how they actually caused the crisis.
He might melt before our very eyes.
26
posted on
11/22/2008 11:08:05 PM PST
by
Lakeshark
(Thank a member of the US armed forces for their sacrifice)
To: bellas_sister
27
posted on
11/22/2008 11:27:08 PM PST
by
Deb
(Beat him, strip him and bring him to my tent!)
To: Pearls Before Swine
And America rewarded them by electing Democrats in by the drove. Go figure!
28
posted on
11/23/2008 12:54:52 AM PST
by
Bellflower
(A Brand New Day Is Coming!)
To: org.whodat
It was not that the Banks had greed, they were forced into these loans by the Goobermint. Saying the Banks had greed to excuse the government is like saying a woman that was raped might have enjoyed it so the rapist is innocent.
Pure Pelosi.
29
posted on
11/23/2008 1:48:17 AM PST
by
American in Israel
(A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
To: rockinqsranch
30
posted on
11/23/2008 3:35:52 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: GVnana
31
posted on
11/23/2008 3:37:34 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: rockinqsranch
University of Michigan Law Professor Michael Barr, a specialist in banking and finance law, flatly rejected claims that the CRA was "a significant factor in the current crisis.
CRA was enacted more than 30 years ago. It would be quite odd if this 30-year old law suddenly caused an explosion in bad subprime loans from 2002-2007....Subprime mortgages were mostly made by mortgage brokers and lenders and securitized by investment banks -- institutions not covered by CRA," he told the Huffington Post, adding, "CRA only covers banks and thrifts, and these institutions mostly have not suffered to the same extent or kind from bad lending as the non-CRA-covered institutions at the core of the current crisis. The problem here is not CRA. It is what the late former Fed Governor Ned Gramlich called 'the giant hole in the supervisory safety net' -- bad lending by firms outside the banking sector's rules for prudential supervision, capital requirements, consumer protection and yes, the CRA."
If you don't know the topic you can always BS, applies to you sir.
32
posted on
11/23/2008 3:43:16 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: TimSkalaBim
The name is Marc Rich and he was a commodities trader, his attorney was Scooter Libby, and I think his charges were on income tax and trading oil with Iran.
It was way before a derivative was invented, but if you have a link I would be happy to read it.
33
posted on
11/23/2008 3:49:24 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: FocusNexus
What BS, I only tell it as it happened, both sides, democrat and republican are at fault here, just look at who was receiving money and contributions from Eddie and Fannie, and what people were working as lobbyist for them to prevent regulation. Not to mention the Builders association and Realtors. The truth of what happened is important.
If you can prove otherwise post it if not stop the childish personal attacks.
34
posted on
11/23/2008 3:54:48 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: Lakeshark
I seriuously doubt you know jack, but you may try reading this.
http://www.numa.com/ref/faq.htm
35
posted on
11/23/2008 3:56:35 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: American in Israel
36
posted on
11/23/2008 3:59:01 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: American in Israel
37
posted on
11/23/2008 4:13:41 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
To: org.whodat
38
posted on
11/23/2008 8:15:44 AM PST
by
GVnana
("I once dressed as Tina Fey for Halloween." - Sarah Palin)
To: org.whodat; FocusNexus
“University of Michigan Law Professor Michael Barr...”
A Leftist whom was under Ruben in the Clinton Administration at the time of the assault on the Mortgage Industry.
“...he told the Huffington Post,...”
You cite the Huffington Post, and a Leftist Clintonite in defense of your ignorance!? This ends the discussion as far as I am concerned.
“It would be quite odd if this 30-year old law suddenly caused an explosion in bad subprime loans from 2002-2007....Subprime mortgages were mostly made by mortgage brokers and lenders and securitized by investment banks — institutions not covered by CRA,...”
Your source is lying to you by omission of facts, and you are ignorant enough of the facts to actually not be aware. Something the Left relies heavily upon is ignorance and you apparently fall within the category they covet so dearly of the ignorant masses.
“FocusNexus” is correct beyond a doubt. You are a sleeper Troll.
I won’t respond to any further of your ignorant prattlings. A waste of my time.
39
posted on
11/23/2008 8:29:09 AM PST
by
rockinqsranch
(Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
To: Lakeshark
The total amount of derivatives is now estimated (2006 mid-year market survey), by the International Swaps and Derivatives Association (ISDA), to be over $283 trillion. That number is about 7 times the economic output of the entire world, at about $40 trillion.
Stupid is as stupid posts!, But then I guess you just don't see the problem here!!
40
posted on
11/23/2008 8:31:03 AM PST
by
org.whodat
(Conservatives don't vote for Bailouts! Republicans do!)
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-59 next last
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.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson