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Lehman's Richard Fuld, during this morning's congressional hearings,
mentioned the pressure re: giving mortgages to previously unqualified
people, read mostly Blacks. And Wells Fargo boasting about mortgages
for illegal aliens.
The question is; was this sort of an alliance between the liberals who
pressured the mortgage
industry to accept worthless paper. Or, in response to liberal/
governmental pressure, did the banks jump on the bandwagon
anticipating an ultimate end to the ponzi scheme?
Walter Hudson
Yeah, fuckhead.
The 'liberals' got their black guy George "Bubya" Bush and his all
republican
rulership to fund public health care, housing and jobs for billionaire
nigs every-
where. The repugnant 'black caucus' is proof of that. Fucking
Bush dem
negros, lets lynch em all and let allah sort em out.
Truth is, Obama has been terrorizing Bush and threatening to beat him
daily
unless he destroyed america. Spineless wimp bush so feared being
hurt
that he did all that any black would suggest.
Bush and chaney are both owned by the liberal media too. . . .
Must be fuckwad of the year Bluhhhh posting under this new guise of
Hudson
Von Mudson?
On Oct 6, 1:16 pm, BuffetHater <B...@g...com> wrote:
> Yeah, fuckhead.
> The 'liberals' got their black guy George "Bubya" Bush and his all
> republican
> rulership to fund public health care, housing and jobs for billionaire
> nigs every-
> where. The repugnant 'black caucus' is proof of that. Fucking
> Bush dem
> negros, lets lynch em all and let allah sort em out.
>
> Truth is, Obama has been terrorizing Bush and threatening to beat him
> daily
> unless he destroyed america. Spineless wimp bush so feared being
> hurt
> that he did all that any black would suggest.
>
> Bush and chaney are both owned by the liberal media too. . . .
>
> Must be fuckwad of the year Bluhhhh posting under this new guise of
> Hudson
> Von Mudson?
Someone has been at the Kool Aid stand way too long!
On Mon, 6 Oct 2008 11:03:12 -0700 (PDT), w...@g...com wrote:
>Lehman's Richard Fuld, during this morning's congressional hearings,
>mentioned the pressure re: giving mortgages to previously unqualified
>people, read mostly Blacks. And Wells Fargo boasting about mortgages
>for illegal aliens.
That's a cop out by Lehman. It has nothing to do with leverage,
derivatives, CDS's, or the other side bets made by Wall Street which
caused the mess. Nobody in Congress understands this system. They'd
best get somebody to explain it to them.
>The question is; was this sort of an alliance between the liberals who
>pressured the mortgage
>industry to accept worthless paper. Or, in response to liberal/
>governmental pressure, did the banks jump on the bandwagon
>anticipating an ultimate end to the ponzi scheme?
None of the above. You conveniently forget that the repeal of Glass-
Steagall and the following legislation sponsored by Gramm opened the
door fully, where before it had been slightly ajar. After reading your
post - derivatives, CDS's, and other "insurance" which leveraged the
US housing market to the hilt are above your pay grade. You can go
back to Limbaugh or Hannity now.
WB Yeats
On Oct 6, 2:07 pm, W...@I...com wrote:
> On Mon, 6 Oct 2008 11:03:12 -0700 (PDT), w...@g...com wrote:
> >Lehman's Richard Fuld, during this morning's congressional hearings,
> >mentioned the pressure re: giving mortgages to previously unqualified
> >people, read mostly Blacks. And Wells Fargo boasting about mortgages
> >for illegal aliens.
>
> That's a cop out by Lehman. It has nothing to do with leverage,
> derivatives, CDS's, or the other side bets made by Wall Street which
> caused the mess. Nobody in Congress understands this system. They'd
> best get somebody to explain it to them.
>
> >The question is; was this sort of an alliance between the liberals who
> >pressured the mortgage
> >industry to accept worthless paper. Or, in response to liberal/
> >governmental pressure, did the banks jump on the bandwagon
> >anticipating an ultimate end to the ponzi scheme?
>
> None of the above. You conveniently forget that the repeal of Glass-
> Steagall and the following legislation sponsored by Gramm opened the
> door fully, where before it had been slightly ajar. After reading your
> post - derivatives, CDS's, and other "insurance" which leveraged the
> US housing market to the hilt are above your pay grade. You can go
> back to Limbaugh or Hannity now.
>
> WB Yeats
You've got the cart before the horse. The problem started with trying
to give "affordable housing" to the poor. That's why the bad loans
were made in the first place. What the Demoncraps set up got out of
hand, yes. But the Demoncraps (socialists) were the ones who set this
up.
W...@I...com wrote:
> On Mon, 6 Oct 2008 11:03:12 -0700 (PDT), w...@g...com wrote:
>
>> Lehman's Richard Fuld, during this morning's congressional hearings,
>> mentioned the pressure re: giving mortgages to previously unqualified
>> people, read mostly Blacks. And Wells Fargo boasting about mortgages
>> for illegal aliens.
>
These Liberals will never admit the truth...... It was "Afordable
housing plans" Affirmative Action Mortgages that they pushed via
Fannie Mae and Freddie Mac that *BROKE THE CAMELS BACK*
> That's a cop out by Lehman. It has nothing to do with leverage,
> derivatives, CDS's, or the other side bets made by Wall Street which
> caused the mess. Nobody in Congress understands this system. They'd
> best get somebody to explain it to them.
>
>> The question is; was this sort of an alliance between the liberals who
>> pressured the mortgage
>> industry to accept worthless paper. Or, in response to liberal/
>> governmental pressure, did the banks jump on the bandwagon
>> anticipating an ultimate end to the ponzi scheme?
>
> None of the above. You conveniently forget that the repeal of Glass-
> Steagall and the following legislation sponsored by Gramm opened the
> door fully, where before it had been slightly ajar. After reading your
> post - derivatives, CDS's, and other "insurance" which leveraged the
> US housing market to the hilt are above your pay grade. You can go
> back to Limbaugh or Hannity now.
To bad that Europe is reeling from Mortgages too, they have plenty of
regulations..... why is their money drying up too? You can't have it
both ways.
W...@I...com wrote:
> On Mon, 6 Oct 2008 11:03:12 -0700 (PDT), w...@g...com wrote:
>
>> Lehman's Richard Fuld, during this morning's congressional hearings,
>> mentioned the pressure re: giving mortgages to previously unqualified
>> people, read mostly Blacks. And Wells Fargo boasting about mortgages
>> for illegal aliens.
>
> That's a cop out by Lehman.
No, it's not. Leverage, derivatives, CDSs, et all ultimately had to be
backed by *something*. I suspect we agree that borrowing 30 dollars for
each dollar of asset is ill-advised; however, the house of cards doesn't
tumble down unless that dollar of asset value turns out to be $.20,
which is what has occurred. When you make loans to people who can't pay
because of the noble but unwise desire to increase homeownership, you
inflate prices, increase risk, and insure a nightmare someplace in the
future.
Here's a quote from the Times back in 1999 that is chillingly predictive:
"In moving, even tentatively, into this new area of lending [subprime
loans to unqualified buyers], Fannie Mae is taking on significantly more
risk, which may not pose any difficulties during flush economic times.
But the government-subsidized corporation may run into trouble in an
economic downturn, prompting a government rescue similar to that of the
savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another
thrift industry growing up around us,'' said Peter Wallison a resident
fellow at the American Enterprise Institute. ''If they fail, the
government will have to step up and bail them out the way it stepped up
and bailed out the thrift industry.''"
http://query.nytimes.com/gst/fullpage.html?res=9C0DE
7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=
1
Here's an interesting article in the City Journal outlining the entire
problem. The chilling part is that it was written in 2000:
http://www.city-journal.org/html/10_1_the_trillion_d
ollar.html
It has nothing to do with leverage,
> derivatives, CDS's, or the other side bets made by Wall Street which
> caused the mess. Nobody in Congress understands this system. They'd
> best get somebody to explain it to them.
>
>> The question is; was this sort of an alliance between the liberals who
>> pressured the mortgage
>> industry to accept worthless paper. Or, in response to liberal/
>> governmental pressure, did the banks jump on the bandwagon
>> anticipating an ultimate end to the ponzi scheme?
>
> None of the above. You conveniently forget that the repeal of Glass-
> Steagall and the following legislation sponsored by Gramm opened the
> door fully, where before it had been slightly ajar.
Glass-Steagall has nothing to do with this. NOTHING. If GS was in place,
(1) the mortgages still would have been securitized, (2) they still
would have been sold by the mortgage lenders, and (3) they still would
have been sold to financial services firms and packaged into CDO's.
There is ***NOTHING*** in Glass Steagall to prevent that from occurring.
NOTHING. This is a leftist canard.
However, if GS was still in place, we'd be in even worse shape than we
are now, because weak financial services institutions would be
restricted from merging, thus strenghening their balance sheets.
Further, let's understand that when the Gramm-Leach-Riley bill was
passed, it earned 370 votes in the House, 93 votes in the Senate,
Clinton signed it, and just recently (three weeks ago) reaffirmed to
Maria Bartiromo in an interview that he believes it was the right thing
to do. The repeal of GS was WHOLLY a bipartisan matter.
Here's some relevant information from FactCheck.org:
"The truth is, however, the Gramm-Leach-Bliley Act had little if
anything to do with the current crisis. In fact, economists on both
sides of the political spectrum have suggested that the act has probably
made the crisis less severe than it might otherwise have been."
"Actually, deregulated banks were not the major culprits in the current
debacle. Bank of America, Citigroup, Wells Fargo and J.P. Morgan Chase
have weathered the financial crisis in reasonably good shape, while Bear
Stearns collapsed and Lehman Brothers has entered bankruptcy, to name
but two of the investment banks which had remained independent despite
the repeal of Glass-Steagall. "
Bill Clinton, when asked about the subject:
" Indeed, one of the things that has helped stabilize the current
situation as much as it has is the purchase of Merrill Lynch by Bank of
America, which was much smoother than it would have been if I hadn't
signed that bill. ...You know, Phil Gramm and I disagreed on a lot of
things, but he can't possibly be wrong about everything. On the
Glass-Steagall thing, like I said, if you could demonstrate to me that
it was a mistake, I'd be glad to look at the evidence. But I can't blame
[the Republicans]. This wasn't something they forced me into."
If GS was in place today, what we're experiencing would be worse.
> After reading your
> post - derivatives, CDS's, and other "insurance" which leveraged the
> US housing market to the hilt are above your pay grade. You can go
> back to Limbaugh or Hannity now.
What the HELL are you talking about? You wiffed on the cause of the
crisis --- it's declining home prices and resulting foreclosures, mostly
by unqualified buyers. Leverage and derivatives make the situation
worse, but neither are the root cause. You wiffed on Glass Steagall and
it's (non)involvement in this whole issue, and you wiffed on the
bipartisan nature of the Gramm Leach Biley.
Hell, with a record like that, Limbaugh and Hannity would be way over
your head.
JG
>
> WB Yeats
On Oct 6, 1:03 pm, w...@g...com wrote:
> Lehman's Richard Fuld, during this morning's congressional hearings,
> mentioned the pressure re: giving mortgages to previously unqualified
> people, read mostly Blacks. And Wells Fargo boasting about mortgages
> for illegal aliens.
> The question is; was this sort of an alliance between the liberals who
> pressured the mortgage
> industry to accept worthless paper. Or, in response to liberal/
> governmental pressure, did the banks jump on the bandwagon
> anticipating an ultimate end to the ponzi scheme?
>
> Walter Hudson
This study says otherwise. Do you have any facts to back up your
claim?
http://www.traigerlaw.com/publications/traiger_hinck
ley_llp_cra_foreclosure_study_1-7-08.pdf
as long as they keep giving out afirmative action loans the crisis will
never go away...cannot believe the radical democrats actualy got a law
passed to force banks to give these bad loans.
" BARACK OBAMA IS A COMMUNIST "
we could have weathered the bad loans if the congress had stepped in and
stopped the energy speculators from driving up oil to hurt the economy.
" BARACK OBAMA IS A COMMUNIST "
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LET IT GO!!!!!!!!!!!!!!!!!!!!!! !!!!!
Lehman CEO Richard Fuld Lied to the Public While Privately Seeking Capital
US markets toxic or Fixed . I vote fixed
Another round downs its throat to fund a "struggle to recover" - Miracle time again!
Mid-Day Performers Mon 10/06/08
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