Steve1 Political Rants

[Steve 1]

It's an acquired skill.

Gee that kind of Stupidity should hurt a great deal, You on Painkillers?

[Steve 1]

LOL. I'm sure you'll have his head exploding soon enough Jay

No Ole Jay there subscribes to the circular firing Squad Mentality.

[jayboat]

No Ole Jay there subscribes to the circular firing Squad Mentality.

Here's a little something circular. Just to help you keep things sorted out.

[Steve 1]

Jay rub this on your head!

[catastrophe]

I'd let this rest for a bit.
Just sayin.

[Steve 1]

I'd let this rest for a bit.
Just sayin.

You are right.

[Tommy Gun]

Ok lets get this moving again.

So during the SOTU address our beloved President once again blames all our problems on the Bush Administration. (Of course he also says he "can't fix everything by himself" thus logic would lead one to understand that if you can't fix it by yourself you can't screw it up by yourself, but that is another issue).

So today he stands before the Republicans and asks to work with them? Is this guy really that stupid?

Cast all the blame on them then go there with your hand out? Say the partisanship has to stop? Is this guy really that stupid?

Where was this conversation a year ago? Ahh, you see now that he has lost his 60 votes he HAS to get the R's involved. The R's will have a field day with this. Should be interesting.

[LaughingCat]

Even with 60 votes, the Dems are useless. If they had 99 votes, they'd still beg the last guy.

I noticed that Pelosi's blink rate declined. Ritalin?

[Chris]

Obviously there were a number of mis-steps inside the Bush administration. There are mis-steps inside of every presidency. But taking into account the last two years of his lame duck presidency included a Democratically-controlled Congress, it could have been worse.

Everyone keeps side-stepping this point- the economy turned south on the real estate market which by domino effect killed housing and retail. And wasn't it the Dems leading the charge on 100% home ownership?

[Wrinkleface]

I noticed that Pelosi's blink rate declined. Ritalin?

Alcohol!!!!!

[LaughingCat]

I really cannot wait until the Republican party steps up with real leadership that reinvigorates our capitalist desires. Right now, there's too much bickering and obstruction. Boehner and Steele are not taking the correct path. We need strong veteran Conservative leadership to produce a message. We haven't seen a positive message since the Gingerich days.

Word out is that Obama is coming out swinging. The public opinion will rise if he keeps doing things like fielding questions from Republicans and not backing down. This is British Parlianmentary-type moves that win over the ignorant.

Whatever it is, I do hope that we end up with center-Right progress in our country. If that happens, I don't care if he prays to Allah on Sunday while slapping his male prosititute. Just get this American turkey moving.

[LaughingCat]

Alcohol!!!!!

Could be pain killers and Botox

[catastrophe]

Obviously there were a number of mis-steps inside the Bush administration. There are mis-steps inside of every presidency. But taking into account the last two years of his lame duck presidency included a Democratically-controlled Congress, it could have been worse.

Everyone keeps side-stepping this point- the economy turned south on the real estate market which by domino effect killed housing and retail. And wasn't it the Dems leading the charge on 100% home ownership?

It may have been the Dems that led the charge on 100% home ownership.
But it wasnt any politician that allowed mortgages to be given to people that couldnt prove employment or the ability to repay.
It was the pigs that run the banking system who are till this day doing the same thing to the public.

Like one of the sig lines on here says. GREED is the route of all evil.

The money that has been spent in Iraq would also be nice to have back in the public coffers.

[Chris]

But it wasnt any politician that allowed mortgages to be given to people that couldnt prove employment or the ability to repay.
It was the pigs that run the banking system who are till this day doing the same thing to the public.

Unfortunately that's not the entire story. Congress pressured HUD and HUD pressured the lenders.

Congress directly oversees Fanie Mae and Freddie Mac. GWB attempted to pull that control away and place in a stand-alone regulatory agency. Rep. Barney Frank, chaiman of the House Finance Committee, fought hard and won on the issue and kept control of the agency, stating that there were no problems with how they were opertaing. At the same time, this group was pushing these two entnties to do more and more in the sub-prime markets- in order to provide a higher level of home ownership.

Sure- banks bought the paper. They had a market and backing for it.

[Steve 1]

http://www.youtube.com/watch?v=Fewmv...ayer_embedded#

[Steve 1]

http://www.youtube.com/watch?v=exxVZ...ayer_embedded#

[Steve 1]

http://www.youtube.com/watch?v=1RZVw3no2A4

[cigdaze]

Exactly, Chris. And it began in '93 when Clinton single-handedly rewrote the Fannie and Freddie rules leading into his 1994 initiative called the "National Home-Ownership Strategy." This only exacerbated the already huge problems created by Carter's "Community Reinvestment Act."

The Clinton admin then again in '95 rewrote the rules via Robert Rubin's treasury department that created and forced lenders to satisfy quotas for sub-prime minority loans in order to get a satisfactory a CRA rating. Without meeting these quotas, banks wouldn't qualify for the multitudes of governmental capital re-investment opportunities.

As if this wasn't enough, in '97 Clinton and Cuomo lowered the requirement for the ratio of available liquid assets to liabilities for Freddie & Fannie to 2.5% (but ordinary banks needed 10%). So naturally, this is when F&F begin pouring ungodly amounts of money into poor areas on loans that required no money down and no verification of income…a recipe for disaster.

It’s no wonder that 384 politicians got big campaign donations from F&F (over $200million in campaign contributions).

Well, guess what? 15 years later 48% of the 12.5 million new homeowners (mostly minorities) were sitting on interest only and ARM loan with no possible means of repayment.

[Steve 1]

Nick ,Exactly except Clinton also added the Threat of DOJ action against the lenders as well.

[catastrophe]

Exactly, Chris. And it began in '93 when Clinton single-handedly rewrote the Fannie and Freddie rules leading into his 1994 initiative called the "National Home-Ownership Strategy." This only exacerbated the already huge problems created by Carter's "Community Reinvestment Act."

The Clinton admin then again in '95 rewrote the rules via Robert Rubin's treasury department that created and forced lenders to satisfy quotas for sub-prime minority loans in order to get a satisfactory a CRA rating. Without meeting these quotas, banks wouldn't qualify for the multitudes of governmental capital re-investment opportunities.

As if this wasn't enough, in '97 Clinton and Cuomo lowered the requirement for the ratio of available liquid assets to liabilities for Freddie & Fannie to 2.5% (but ordinary banks needed 10%). So naturally, this is when F&F begin pouring ungodly amounts of money into poor areas on loans that required no money down and no verification of income…a recipe for disaster.

It’s no wonder that 384 politicians got big campaign donations from F&F (over $200million in campaign contributions).

Well, guess what? 15 years later 48% of the 12.5 million new homeowners (mostly minorities) were sitting on interest only and ARM loan with no possible means of repayment.

I hear both of you and dont disagree.

But if I leave my car running while I run in the store. And someone steals it.

I may be stupid ( STEVE ...LEAVE THIS ALONE) but the other guy is the thief.

If a loans officer is allowed to loan to 90% and the cornrow sitting in front of him hasnt a job or the potential of one , he's only giving the person money for personal greed .

If that all started with Clinton why didnt it get fixed in the subsequent 8 years?