cme1201
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Post by cme1201 on Aug 8, 2011 10:38:23 GMT -5
The democrats were responsible for the housing bubble.
Have to call you out on this one oldtex, greed was responsible for the housing market.
1. Greed of politicians to make constituents happy, giving in when they said "it's too hard to get a loan" 2. Greed by banks, the more house they were able to close the more money rolled in allowing them to move more dollars around, charging more usury bringing in more money. 3. Greed of Homeowners, wanting the 3600sf house when all that could be afforded was 1200sf starter home. 4. Greed of Homeowners and Banks, Liar loans, blind income loans, piggie backs, and exotics. Making it ever easier for people who had no ability to pay a loan to still get one.
Greed from Washington to Wall Street to Main street was running rampant, and that is what lead to the "house" of cards tumbling.
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djAdvocate
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Post by djAdvocate on Aug 8, 2011 10:55:21 GMT -5
The democrats were responsible for the housing bubble.Have to call you out on this one oldtex, greed was responsible for the housing market. 1. Greed of politicians to make constituents happy, giving in when they said "it's too hard to get a loan" 2. Greed by banks, the more house they were able to close the more money rolled in allowing them to move more dollars around, charging more usury bringing in more money. 3. Greed of Homeowners, wanting the 3600sf house when all that could be afforded was 1200sf starter home. 4. Greed of Homeowners and Banks, Liar loans, blind income loans, piggie backs, and exotics. Making it ever easier for people who had no ability to pay a loan to still get one. Greed from Washington to Wall Street to Main street was running rampant, and that is what lead to the "house" of cards tumbling. moreover, as txbo documented above, Bush ran hard on the crappy mortgages that were made in his first term. this is about as far from warning about it as a person can get: celebrating it and upholding it as an achievement of his administration. that is what I remember. putz
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Angel!
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Post by Angel! on Aug 8, 2011 11:14:34 GMT -5
I remember being scared for our nation when Obama got elected. I remember being mad that so many couldn't see the handwriting on the wall. I remember choking on the Healthcare Bill that was being rammed down our throat. I remember seeing our country fall trillions deeper into debt. I remember the Libs telling me that I'd forget my anger and accept it all in time. Well, I haven't forgotten and my anger hasn't subsided. If fact, I'm madder now than ever before. SO THERE! i am still pissed about eight years of Bush, so who am i to criticize? LOL! Think you are angry now lonewolf, just wait to see how you feel when Obama gets re-elected. Then you really are going to be angry. I still remember being very worried & upset when Bush got re-elected.
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djAdvocate
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Post by djAdvocate on Aug 8, 2011 11:23:07 GMT -5
i am still pissed about eight years of Bush, so who am i to criticize? LOL! Think you are angry now lonewolf, just wait to see how you feel when Obama gets re-elected. Then you really are going to be angry. I still remember being very worried & upset when Bush got re-elected. i downed a fifth of JD. i was off the board for two weeks.
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Deleted
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Post by Deleted on Aug 8, 2011 16:43:50 GMT -5
......and Republicans were the beneficiaries......
what a great system!
Sorry but that makes about as much sense as Democrats lowered those standards so they could make money. The truth is just about everybody lost because of that recession.
The democrats were responsible for the housing bubble.
Have to call you out on this one oldtex, greed was responsible for the housing market.
cme the democrats lowered the lending standards so that the poor could easier get into housing. I'm not saying that their hearts weren't in the right place, nor am I saying they were dumb to do it (because I never thought about someone buying more house than they could afford, I sure wouldn't have). Anyway what I am saying is that the lowering of credit standards was the thing that started the ball rolling. It allowed people who shouldn't have to buy houses that they couldn't afford. It was the first step in this mess & maybe the others wouldn't have happened if they hadn't changed things.
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djAdvocate
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Post by djAdvocate on Aug 9, 2011 13:17:20 GMT -5
......and Republicans were the beneficiaries......
what a great system! Sorry but that makes about as much sense as Democrats lowered those standards so they could make money. The truth is just about everybody lost because of that recession. i wasn't talking about the recession. i was talking about the boom that preceded it.
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floridayankee
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Post by floridayankee on Aug 9, 2011 14:15:05 GMT -5
The democrats were responsible for the housing bubble.
Have to call you out on this one oldtex, greed was responsible for the housing market.cme the democrats lowered the lending standards so that the poor could easier get into housing. I'm not saying that their hearts weren't in the right place, nor am I saying they were dumb to do it (because I never thought about someone buying more house than they could afford, I sure wouldn't have). Anyway what I am saying is that the lowering of credit standards was the thing that started the ball rolling. It allowed people who shouldn't have to buy houses that they couldn't afford. It was the first step in this mess & maybe the others wouldn't have happened if they hadn't changed things. The CRA was definitely a contributing factor, but the "blame" cannot be put solely on dems. Bush was a huge advocate of increased home ownership and urged low-to-no doc mortgages and the elimination of downpayments, like the CRA regulators did. In 1996, HUD directed Freddie and Fannie to provide at least 42% of their mortgage financing to borrowers with income below the median in their area. This target was increased to 50% in 2000 and 52% in 2005. In addition, HUD required Freddie and Fannie to provide 12% of their portfolio to “special affordable” loans. Those are loans to borrowers with less than 60% of their area’s median income. These targets increased over the years, with a 2008 target of 28%. en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisisAnd so here are some of the ways to address the issue. First, the single greatest barrier to first-time homeownership is a high downpayment. It is really hard for many, many low-income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money, to help a qualified low-income buyer make a downpayment, and that's important.
One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase home-ownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home. Part of the success of Park Place is that the city of Atlanta already does this. And we want to make the plan more robust. We want to make it more full all across America.
The above is part of a Bush speech linked here: www.presidency.ucsb.edu/ws/index.php?pid=62687#ixzz1UYp7l4gH
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Aug 9, 2011 15:12:23 GMT -5
You remember wrong. Bush was pushing for reform and the GOP was sounding the alarm while Barney Frank and Chris Dodd were insistin there was nothing to worry about.
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jkapp
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Post by jkapp on Aug 9, 2011 15:13:45 GMT -5
I remember being scared for our nation when Obama got elected. I remember being mad that so many couldn't see the handwriting on the wall. I remember choking on the Healthcare Bill that was being rammed down our throat. I remember seeing our country fall trillions deeper into debt. I remember the Libs telling me that I'd forget my anger and accept it all in time. Well, I haven't forgotten and my anger hasn't subsided. If fact, I'm madder now than ever before. SO THERE! lone: And I remember when people said "Give him a chance" and we did and he has failed miserably on all accounts. I remember his apology tours regarding the US as he travelled to other countries. I remember him laughing with the tax-cheat, Jeffrey Immelt saying "shovel ready jobs weren't shovel ready." I remember so well whe he said he wouldn't allow the unemployment to go over 8%. Ahhh, yes we remember it well!! K to you when my last one expires. And I remember him saying how he was going to stop business-as-usual in washington. And I remember how he said he was going to make government more transparent. And I remember him saying he was going to change the crony-ism of the preceding 8 years. All lies... Funny thing is - what we got as a president and leadership is exactly what I figured we'd get. Poor leadership, worse president. Unfortunately charisma is the weakest of leadership qualities, and all that was elected was a 99% charismatic leader
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Aug 9, 2011 15:15:46 GMT -5
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Aug 9, 2011 15:16:27 GMT -5
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jkapp
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Post by jkapp on Aug 9, 2011 15:17:12 GMT -5
I still remember the last president using the surplus as rationalization that we needed tax cuts. I still remember there never was a surplus
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Aug 9, 2011 15:17:47 GMT -5
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Post by bubblyandblue on Aug 9, 2011 15:18:28 GMT -5
Legal Gambling The gloom is fading from the real estate situation. More nibbles during the last few weeks than the last three years. If January brings us good rains, this next year will open the door to the sunshine – a case of rain bringing the sun. It is to be hoped, however, that there will never be another boom. The crash of the boom of 1923 was due to the same causes that wrecked the wall street stock market. People sold what they did not own. They made a payment down in the hope of getting the property off their hands before it began to burn. Real estate fell into the hands of sharp-shooting gamblers who had no interest in land. To them it was just a pile of blue chips on a roulette wheel.
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Post by bubblyandblue on Aug 9, 2011 15:20:12 GMT -5
McCain .... the Keyting Five or something - S&L Crisis - Real Estate
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