Posted on 12/29/2015 6:10:48 AM PST by rktman
No event of the last 30 years was more financially traumatizing than the mortgage meltdown of 2007-08. Some 7 million Americans lost their jobs, 6 million lost their homes, and countless millions more lost their life savings.
(Excerpt) Read more at news.investors.com ...
The good news is the banks are bigger and badder than before the collapse, so we’ll get to bail them out again.
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Did you notice that Moore didn’t mention that MANY of those bad loans were made to illegal aliens and immigrants/minorities with NO means of paying them back.
Know why?
Stephen Moore is one of the most subversive OPEN BORDER AMNESTY, cheap labor/bad trade hacks ever! He and Cesar Conda (Rubio’s chief of staff and mentor to Paul Ryan) and Grover Norquist, with help of Hugh Hewitt destroyed Prop. 187 in Calif and has had a big hand in pushing all amnesties. He works for Heritage, who has also over time sold out to the illegal alien lobby. He and Norquist hide behind the veil of conservative economics to screw us all.
[snips]
“The Club for Growth is a section 527 political organization and an affiliated political action committee that raises money for candidates who support an anti-tax and limited-government agenda. It was created by former Cato Institute fellow Stephen Moore. “
In 1996, Moore along with Grover Norquist helped defeat any measures aimed at enforcement in an immigration reform bill.
Marcus Stern describes Moores involvement in an award winning article.
The coalition was a juggernaut that fought virtually any verification initiative. Because Republicans control Congress, conservative lobbyists were especially influential. The fact that some limited, voluntary verification projects stayed in the bill at all outraged some conservatives.
“I view it as the camel’s nose under the tent for a national ID card,” said Stephen Moore, an economist with the Cato Institute who lobbied against the bill. “The theme we played to Republicans was that if you’re trying to roll back big government, you shouldn’t be instituting this new police-state power.”
Social conservatives like Norquist and libertarians like Moore don’t see illegal immigration as a major problem.
“Illegal immigration is part of the price we pay for being both a prosperous and a free country, and I’m not willing to sacrifice some of our freedoms to try to keep out immigrants, especially when I don’t think it’s going to work very well,” said Moore.
“Sometimes in politics you pass feel-good measures,” Moore said. “And that’s not necessarily a bad thing. Passing a bill that’s mostly window dressing is a way of defusing public alarm about something. And in states like California, illegal immigration is perceived as a big problem.”
Moore said this about Norquist. “From the moment he gets up to the moment he gets to bed, he thinks, ‘How am I going to hurt the other team?”
http://towncriernews.blogspot.com/search?q=Stephen+Moore
And here, Moore is recently praising Mark Zuckerberg.
http://news.investors.com/ibd-editorials-on-the-right/120415-783958-mark-zuckerberg-donation-giving-spirit-has-detractors.htm
Thanks. Grain of salt is the usual prescription for just about any “pundit”.
I saw the aftermath of the crisis in great detail. Over a thousand people had jobs for five years in Dallas (along with satellite offices in Jacksonville, Chicago, and Irvine) cleaning up the mess, closing down over 500 banks.
At least a dozen banks in Miami went under due to NINJA loans for condos that were selling at upwards of $500 a square foot. The loans were made to people from Visa Waiver countries, predominantly South America.
CPAs set up LLCs for these people, to make the loan easier to get. When the SHTF, the borrowers went home and left the taxpayers holding the bag.
It took me a couple of months, but I became the office SME (Subject Matter Expert) on HAMP loans. The $hit the loan servicers pulled with that program enriched their profits, but in most cases made it worse on the borrower. Within two years, two loan servicers "withdrew" from their contracts, because my section was "too tough" in our monitoring.
We had great support from senior management at the FDIC, all the way up to Sheila Bair. A lot of good work was done by hundreds of good people over the past five years. Now that the "crisis" is "over", temporary employees like me have been cut loose.
I sat in on enough outbriefings at failed banks to see the greed that crept into their decisions, and led to their banks' demise. The greed wasn't unique to Wall Street, that's for sure.
Thanks for you input. I knew a few people that got loans for houses that they in no way could afford and in the end they lost them.
Also never mentioned was that government first caused the erosion of sound lending practices through the Community Reinvestment Act. The politicians kept pushing the banks to make riskier loans to lower-income borrowers in the name of "fairness."
In the years before the bubble popped, then-Rep. Barney Frank, chairman of the Financial Services Committee, which has regulatory oversight of banks and insurance companies, instructed the lenders: more, more, more.
Bill O'Reilly redeemed his entire career with his rightly famous trashing of Barney Frank.
bkmk
Bail out? Just wait for the Bail-In’s. The banksters are going to rob us blind; legally.
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