for those who blamed GOP for Housing/Banking collapse

dogtowner

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those of us who know better will recognize this as the root cause

Its true that whatever "housing boom" there is is investor driven but it was loans to un-creditworthy borrowers (congressional pressure then) that made the untenable situation that brought down the house. But Obama pushed for this as a community organizer in Illinois so its not surprising he still supports it.

Cudos to WaPo for reporting this.


The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.
...
Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps.

Obama pledged in his State of the Union address to do more to make sure more Americans can enjoy the benefits of the housing recovery, but critics say encouraging banks to lend as broadly as the administration hopes will sow the seeds of another housing disaster and endanger taxpayer dollars.

“If that were to come to pass, that would open the floodgates to highly excessive risk and would send us right back on the same path we were just trying to recover from,” said Ed Pinto, a resident fellow at the American Enterprise Institute and former top executive at mortgage giant Fannie Mae.
 
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Er I know this is a bit inconvenient but it happened under the Bush administration

But no government is responsible for it

The bankers are

The thieving capitalist right wing bastard bankers

But then they do really rule the world so I suppose you could construct an argument that says the government did it

And they are very right wing so you could say the GOP did it
 
Er I know this is a bit inconvenient but it happened under the Bush administration

But no government is responsible for it

The bankers are

The thieving capitalist right wing bastard bankers

But then they do really rule the world so I suppose you could construct an argument that says the government did it

And they are very right wing so you could say the GOP did it

There is soooooooooooooooooooooo much wrong with that. Where to begin....

First, bankers bear much of the responsibility for the 2008 real estate crash...so we do agree on that. Unfortunately your beloved big government allowed it all to happen....then bailed them out and made them even richer and more powerful...and you want more big government. CRAZY!!!

Second, the big banksters are not right wing or left wing. Sorry to blow up your Marxist wet dream. Bankers are apolitical. They are only interested in making money and acquiring power for themselves. And politicians on the left and right allow them to. So, blaming right wing politicians for this problem is only half right, but then, leftists like yourself are usually mostly wrong.

Thirdly, the real estate crash and the bailing out of the big banks has NOTHING to do with capitalism. But, trying to explain capitalism to a leftist hack, is impossible.
 
those of us who know better will recognize this as the root cause

Its true that whatever "housing boom" there is is investor driven but it was loans to un-creditworthy borrowers (congressional pressure then) that made the untenable situation that brought down the house. But Obama pushed for this as a community organizer in Illinois so its not surprising he still supports it.

Cudos to WaPo for reporting this.

Government, the Fed, and the banks are desperately trying to reinflate the real estate bubble...and it is working in many parts of the nation. They need more debt serfs to keep their scheme going.

Problem is that this new bubble will explode sooner or later, just as it did in '08.
 
Er I know this is a bit inconvenient but it happened under the Bush administration

But no government is responsible for it

The bankers are

The thieving capitalist right wing bastard bankers

But then they do really rule the world so I suppose you could construct an argument that says the government did it

And they are very right wing so you could say the GOP did it
A skinny young attorney (BHO) working for a local community action group (called, ACORN) planted the seeds by threatening local lenders with protests and boycotts if they didn't throw away their lending guidelines and start making home loans to local Chicago residents who may or may not have been nice people, but who were bad credit risks.

When enough of those loans went bad, they poisoned the entire nationwide S&L industry.

And at least three times W sent messengers and messages to Congress with specific suggestions on what they could do to fix the problem BEFORE it blew up.

But Rep. Gregory Meeks said on camera that not only was there no kind of problem that needs addressing, but, 'fxxx you!' (Well, not really, but that's ny interpretation of the video. If you can help me find it on YouTube, the World would be in your debt.)

Meeks is the next House Speaker, isnt he?

Someone help here, eh?
 
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those of us who know better will recognize this as the root cause

Its true that whatever "housing boom" there is is investor driven but it was loans to un-creditworthy borrowers (congressional pressure then) that made the untenable situation that brought down the house. But Obama pushed for this as a community organizer in Illinois so its not surprising he still supports it.

Cudos to WaPo for reporting this.
The GFC happened under GWB and Obama was in no way responsible. What he did as POTUS is irrelevant to the GFC and what caused it.
We were lucky to have him to steer the economy out of dire straits rather than GWB s attitude of letting the market take care of it.
 
When Barack Obama TOOK THE REINS from Lil' Dumbya AND John McCain!!!!!
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See: 40:00 thru 46:00
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