LOL
How'bout a nice game of two party/Fabian Socialist ping-pong?
Businesses need to profit, and profits come from managing cost. Cost like taxes and complying with government regulation.
Anyone trying to assert increasing taxes and more regulation are going to improve the economy is selling a con that isn't logical. Growing the economy will not the real consequence of these policies.
Being Obama says the Republican have old ideas, I would like to ask Democrat supporters;
1. Name each of Obama’s new ideas that are supposed to improve the economy?
2. Please detail exactly how each of them are supposed to improve an economy?
Hey, this doesn’t follow the “Bush’s fault” script.
I wish the Republicans would remind the public how we REALLY got into this mess.
Nice post. Sorta like clues to a cold case file. I like this one myself..... http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html
Bump
Socialism can work if we just get the right people in place to implement it.
Gotta raise the BS flag on this one. The CRA was signed into law by peanut head in 76’. The law was strengthened by slick willie in 96’. The new yuk times had to have researched this in 99’.
Personally think the CRA, and the resultant bundled derivatives trading caused not only the housing bubble but its collapse. Voila, economic collapse caused by a social justice focused law, and big government’s “stimulating” response.
ping
How subprime lending all started in O.C. (Ameriquest - Roland Arnall)
Orange County Register ^ | 30 Dec 2007 | JOHN GITTELSOHN
Godfathers of subprime
Established in 1979 by Roland Arnall, Long Beach Savings grew rapidly after Wall Street opened the credit tap. It moved to Orange in 1991 and gave up its banking license in 1994, converting to a pure mortgage company.
In 1997, Long Beach Savings split into privately-held Ameriquest and a publicly traded subsidiary, which sold for $350 million in 1999 to become the subprime arm of Washington Mutual Inc.
Other companies were started by executives who learned the ropes at Long Beach Savings: ResMae Mortgage Corp. in Brea in 2001 and Encore Credit Corp. in Irvine in 2002.
Godfathers of subprime
Established in 1979 by Roland Arnall, Long Beach Savings grew rapidly after Wall Street opened the credit tap. It moved to Orange in 1991 and gave up its banking license in 1994, converting to a pure mortgage company.
In 1997, Long Beach Savings split into privately-held Ameriquest and a publicly traded subsidiary, which sold for $350 million in 1999 to become the subprime arm of Washington Mutual Inc.
Other companies were started by executives who learned the ropes at Long Beach Savings: ResMae Mortgage Corp. in Brea in 2001 and Encore Credit Corp. in Irvine in 2002....
{fahgedaboudit. Notin' to see there, moooove along}
LOL
First they bought votes by making loans and homes available to those incapable of paying the mortgage.
Second, they enriched themselves by bundling and selling the mortgage backed securities, and “credit default swaps”.
Jammie Gorelick, and Franklin Raines, each made TENS of MILLIONS of dollars off of this scheme, and belong in jail. (Yes, there are others Sen. Dodd and Franks)
Thanks for posting. More Americans need to know this.
The hearings in 2004. Barney Frank and the Black Causes -— they are the enemies
http://www.youtube.com/watch?v=UIjoW_IXos4
Barney is memorialized in song as the Sugar Plum Fairie
http://www.youtube.com/watch?v=hJOP2uFVvWI
I noticed these loans first turning sour in the lower priced, urban markets in 2003.