If this information is at all representative of national trends then it would appear that much of the minority lending was ill advised.
Posted on 08/20/2009 10:30:05 PM PDT by Libloather
Barack Obama And The Democrats Did Not Inherit The Bad Economy; They Caused It And Made It Worse
The fact that the Dems took so long to get back into power after having proven their incompetence is my concern for the GOP. Do we really want 20-30 years of Dem dominance?
In terms of “taking responsibility for mistakes” I agree that dragging up the past can be detrimental on the one hand, but this add basically attempts to deny that a GOP President who for all but 2 years had a GOP Congress ushered in the current era.
It doesn’t pass the believability gap and all but the most intense partisians (no lack of them here) and the most ignorant sheeple would see this add as anything but an attempt to abscond from the decisions (or lack thereof) that played no small role in the current situation.
The excuse that the policies were promoted by Democrats doesn’t pass the laugh test. If the GOP are the adults and the adults were completely in charge for 6 years, why didn’t they establish a system by which the children were properly disciplined?
A couple of things in response to your arrogant and meaningless reply:
1. You didn’t answer my question and therefore replied in both an arrogant and idiotic manner attacking ad hominen as well as failing to truly disabuse me.
2. Your comments on my choice of semantics show you mind is small and you observation skills lacking. Perhaps you might notice that English is not my native language and mistakes can occassionaly crop up. If you would like to continue the conversation in German, I am pleased to correct you grammar.
3. Have a nice day.
Way to go Prokopton. I was a bank auditor. Prior to the CRA the guidelines for Fannie Mae conforming loans were good. After the CRA, not so good.
Then Glass-Stegal was repealed, and the other things noted in this ad happened and the stage was set for disaster.
It is true the Republicans tried to introduce reform, but they did not go “to the mat”. In hindsight they should have insisted on this instead of No child left behind or immigration reform(amnesty)- you know those bi-partisan boondoogles etc.
“Of late, both parties have been equally bad”
Really? Did I miss the part where the GOP tried to have the government take over auto makers, banking and health care in America? If you really think they are equally bad than I want some of what you are smoking.
I love it.
Awesome. Wish this messgage went out more often and in more forms (any budding musicians out there willing to tell the real truth?)
I am a retired bank auditor and accountant. There is much in this ad that is truth, and it needs to be told. The democrats planted the seeds, and the Republicans failed to turn off the water, so the weeds grew like wildfire.
The CRA played a part as did other actions such as the repeal of the Glass-Stegal Act during the Clinton administration, for example.(Aided and abetted by the Republicans).
Sarbanes-Oxley and the SEC played their part especially with the “mark to market” requirements and the demise of the “uptick rule”.
It is not the first time that the desire to provide “affordable housing” has led to unwise government programs which brought down the economy-it seems to be a recurrent problem.
Those who do not know history are doomed to repeat it. Economics and financial history are not generally taught and required in the high schools, so many voters have no clue. In fact most congress critters don’t have a clue when it comes to economics and finance.
It is easier to simply blame whoever happens to be in charge at the moment without investigating to determine the real cause of problems. Such scapegoating doesn’t lead to meaningful solutions.
It also serves no purpose for Republicans to accept blame for the whole mess, because there is plenty of blame to go around in both parties. If the Republicans want to make a comeback, they need to grow a spine and stand up and do what is right for the American people-stop the rampant government spending for starters.
Good post. I agree and also lament the financial illteracy of the super-majority.
I agree with "ERF" on this one.
The GOP gave us "TARP," tried to push through Amnesty for Illegals, nearly gave authority over our sea ports to the Saudis, pissed away their last majority in the senate and congress. On top of that, they let the media select their candidate in the last presidential election.
It's time for a "Conservative Party."
There will be naysayers, but we had naysayers back in the mid 1800's when the new fangled GOP was formed.
Because third parties work so well in the USA? Forget the 1850s; tell me how did President Perot work out in the 1990s? I am not happy with a lot of what the GOP did but to argue that they are just as bad as the ‘rats is absurd. I believe that all a third party would accomplish is to split the conservative vote and put the ‘rats in charge for an even longer time. I think that they would gladly welcome a conservative third party over at the DNC HQ right about now.
Agree with norge, too noisy for most people.
Just the two boxes would’ve worked, especially the first with the rogues’ photos!!
But there is lots of good info in there, and it’s nice to see some people still remember the idiotic CRA and the huge & long-lasting damage it did (you sure don’t see it mentioned on CNN).
Bush was no shining star, but he at least tried to bring it to the Oversight committee, before he wilted and got rolled by Dodd, and Bwarney Fwanks. There are many quotes on You Tube from other congressmen that made fun of the regulators and even threatened them for wanting to throttle back Fanny and Freddy. There are other reasons that all fell into place like keeping interest rates too low too long and other various things like loaning money at 110% of value, etc
There will be books written to bash Greenspan or Bush, but you will never hear the names of Dodd, Franks, Raines, Johnson, and even Obama who was only surpassed by Dodd with donations from Fanny. Out of the top 5 donation getters from Fanny and Freedy was 4 Dems. Dodd, Obama, Kerry, and Clinton were all in the top 5. As usual though, Bush will just sit there and take all the blame and be remembered as Hoover #2.
saving
If this information is at all representative of national trends then it would appear that much of the minority lending was ill advised.
From a website that states how successful CRA has been:
Lenders and community organizations have negotiated $1.09 trillion in CRA dollars from 1992 to 2000. In contrast, $8.8 billion was negotiated from 1977 through 1991.If that is a drop in the bucket you have a mighty big bucket.
“Scurvy rat b@stards”
Don’t forget the scurvy rat b@stards who voted for them.
(Who probably always will.)
I agree with almost all your points, and certainly with reference to the CRA. Fannie Mae was a corrupt enterprise, especially with Raines and Emanuel and that loathsome woman, whose name I can’t remember right now. Not mention the obstruction of Frank with regard to the regulators
But that train has left the station for most people. We know what the facts are, but the argument is too complex for the majority of voters. And to those on the left, they don’t care!!!
So I’m back to my original point. In a year, if things continue, most people will have forgotten the failed Republican years.
Politicians know this and count on the fickleness of the American voter, and are rarely disappointed.
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