flipper wrote:
On Fri, 4 Sep 2009 09:38:14 -0500, "Ouroboros Rex"
wrote:

flipper wrote:
On Thu, 3 Sep 2009 16:29:51 -0500, "Ouroboros Rex"
wrote:

flipper wrote:
On Thu, 3 Sep 2009 09:47:56 -0500, "Ouroboros Rex"
wrote:

flipper wrote:
On Tue, 1 Sep 2009 13:05:41 -0500, "Ouroboros Rex"
wrote:

flipper wrote:
On Tue, 1 Sep 2009 10:39:32 -0500, "Ouroboros Rex"
wrote:

richard wrote:
Jim Thompson wrote:
http://www.washingtonexaminer.com/op...-54816897.html

...Jim Thompson

Jim,

The previous administration initiated the waste of trillions
of dollars on the invasion of Iraq.
Your taxes up in smoke.

Each administration has its own way of blowing your cash.

**** the lot of them - but Obama's way is arguably more
benign.

Richard

Not to mention the fact that the pension funds need bailed
out because of the republican-generated subprime mortgage
crisis's effect on the markets. Examiner.com, being a
worthless "social networking" site, probably won't tell us
that.


I'll give you credit for one thing: you're consistently
clueless.

Poor floppy. Always with the handwaving, never with the
proof. lol

Further proof you're not only consistently clueless but
willfully clueless as I've not only explained it but I
explained it to YOU.

Crazy redefinition xplanations from a serial liar are not proof.

You're inability to grasp reality doesn't make reality 'crazy', it
just shows you to be crazy.

Here's a small dose of it. When you set up a system, through
Fannie Mae and Freddie Mac, to 'give' no ask loans to people who
can't afford the loans then you are eventually going to have
foreclosures.

Yep. See George Bush's American Dream Downpayment Initiative of
2003.

Bush didn't create Fannie Mae and Freddie Mac nor did he put the
Clinton cronies in there that bankrupted the place.

Sorry, he and his republican buddies enabled 40% of their business
to be no-down-payment loans.

False.

The Bush administration tried multiple times to improve regulations on
Fannie Mae and Freddie Mac but were blocked every time by the likes of
Barney Frank, Chris Dodd and friends with Barney Frank explaining "I
see no need to fix what isn't broke" a few months before Fannie Mae
went belly up in a flurry of fraud investigations leading to the
ouster of Franklin Raines, a Clinton crony who learned how to cook
books as his White House Budget Director.

Clinton put in Raines as head of Fannie Mae in 1998 and by 2000 he was
burning the barn with sub-prime loans. By 2002 alarms bells were going
off.

BUSINESS WEEK MAGAZINE, MARCH 11, 2002

"In part, the aggressive tactics of mortgage lenders have been made
possible by the automated underwriting systems developed in recent
years by the Federal National Mortgage Association (Fannie Mae).. The
new underwriting systems being used by Fannie Mae . allow for higher
loan-to-income ratios than in the past to encourage home buying. .but
the relaxed ratios could pose serious problems in the future. For one,
there is already evidence that defaults are rising. For Fannie Mae .
which only began expanding into subprime mortgages two years ago,
deteriorating credit quality may be a new and unpleasant experience. "

-----------------

This is also linked to Countrywide who was providing 'special deals'
for "friends of Angelo" or FoA, standing for Friends of Countrywide
Chief Executive Angelo Mozilo, including Raines, James Johnson (a
Democratic party activist and adviser to Sen. Barack Obama who was
named to a panel to help choose Obama's Vice Presidential running
mate), Democrat Chairman of the Senate Banking Committee, Senator
Chris Dodd, and the chairman of the Senate Budget Committee, Democrat
Kent Conrad.

And you think these people are going to 'fix' it, eh? Well, they've
certainly been in on 'the fix',

And when Fannie Mae and Freddie Mac, per their government charter,
repackage the bad loans and sell them off as guaranteed securities
then you are eventually going to have a market flooded with 'toxic
securities' because the 'no ask' loans they instructed everyone to
make were crap to begin with.

Yep. See fired McCain campaign co-chair Phil Gramm's Commodities
Futures Modernization Act of 2000, and his Financial Services
Modernization Act of 1999.

Institutions that *did* take advantage of those acts were the ones
that did *not* need 'bailing out'.

A pathetic lie.

Supercilious ad hominem from the grossly ignorant.

Another pathetic lie.



It's the ones who did not, I.E.
worked the way you want, that did.

A pathetic lie.

Supercilious ad hominem from the grossly ignorant.

Another pathetic lie.





Of course, being a good, obedient, mind numbed robot you don't give
a flying fig what the real problem is.

The real problem

The facts show otherwise.

Another pathetic lie.



was the laws I mentioned from Phil Gramm that
intentionally removed the derivatives market from any and all
regulation

It did not remove "any and all regulation."

Another pathetic lie.



and
allowed banks to become brokers.

It allowed diversification and the only reason it wasn't allowed
before is the two regulatory agencies got into a turf battle over who
would be 'king of the hill' and in a lover's murder pack decided if
one can't have it neither would get it. The bill simply resolved the
lover's dispute.

I've previously pasted Clinton's ringing endorsement of it so I won't
bother again because noting sticks in your vacuum packed head anyway.

And there would have been no problem with 'derivatives' if the
underlying 'guaranteed' assets from 'government backed' Fannie Mae and
Freddie Mac hadn't been crap to begin with because our liberal friends
insisted we make 'no ask, no down, deferred interest' loans to people
who couldn't pay the loans.

Another pathetic lie.




You are the one directly lying about this issue. You will, of
course, produce nothing authoritative to back up your k00kp00p. You
never do.

I've already done so, and multiple times, but, being the obedient mind
numbed robot you are, you're deaf, dumb and blind to reality.

Another pathetic lie.


And just what kind of 'authority' do you need to grasp the concept
that people who can't afford a loan are not going to be able to pay it
back?

Strawman.