Why is it the Bush Mortgage Bubble? Because Bush created it.

[Nordberg]

here stupid,
let me make this easy for you

Frank doesn't. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing

http://archive.boston.com/bostonglo...ngerprints_are_all_over_the_financial_fiasco/

Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.

How do people stay so ignorant? The bankers created the financial the certificates they sold that were based on mortgages. The first one were solid because mortgages were. Banks were making tons of money and sold all they had. They needed more mortgages so they instructed their lending agencies to drop standards. They sold all of them. So they instructed them to drop them again and again.
They needed to get the certs ratified by the rating agencies. So they paid them tons of money and every agency was AAA rating every shit cert they wrote. In front of congress, after the smoke cleared, the agencies said they would have AAA rated anything they threw at them.
The banks had no liability. They sold the certs immediately. Their jeopardy was gone. They just piled up money.
That was not enough for banks. they sold insurance on the certs, guaranteeing them. They knew they could not pay them off in a crash, but the money. It is always the money. Banks were playing casino and had the game fixed until suddenly, it was over. Then we all had to bail them out to save the financial system. The fucking bankers were being strongarmed by treasury to buy up the failing institutions at great rates. But the pricks balked because they were not guaranteed their bonuses. So the govt. acquiesced and the crooks got that too.
All your crap is wrong and after the fact right-wing crap trying to make sure the bankers escaped.

 

[LV426]

This could have never happened if the federal gobblement wasn’t involved in housing

So, bad news for you is that the subprime loans that triggered the crisis weren't federally-backed and had nothing to do with government regulations at all.

But you already knew that and are just lying about it because all you know how to do is lie, having lied your entire life.

 

[LV426]

lol......dude, you are ass deep in your own ignorance.....

You don't know what the fuck you're talking about, but what you do know is that you can't stand that someone trashes your long-held dogmatic belief system.

So you posture that I'm ignorant, yet you're ignorant of pretty much everything we are discussing on this thread.

I mean, FFS, you thought the government backed MBS's when an MBS is literally a mortgage-backed security. And the lion's share of the MBS's responsible for the crisis were backed by loans that weren't federally guaranteed.

How fucking stupid are you, anyway?

 

[Teflon Don]

No, what's clear here is that you want to socialize the blame for the Bush Mortgage Bubble to broadly encompass all your liberal boogeymen because admitting that the Bush Administration deliberately inflated a housing bubble to boost the economy would mean you'd have to admit that the tax cuts of 2001 and 2003 didn't, which means tax cuts as a matter of Conservative economic dogma are shit.

You're not prepared to make that concession because doing so would inevitably unravel a lot of your other core beliefs.

You're simply too fragile.

Bush shares blame along with many

 

[LV426]

How do people stay so ignorant? The bankers created the financial the certificates they sold that were based on mortgages. The first one were solid because mortgages were. Banks were making tons of money and sold all they had. They needed more mortgages so they instructed their lending agencies to drop standards. They sold all of them. So they instructed them to drop them again and again.
They needed to get the certs ratified by the rating agencies. So they paid them tons of money and every agency was AAA rating every shit cert they wrote. In front of congress, after the smoke cleared, the agencies said they would have AAA rated anything they threw at them.
The banks had no liability. They sold the certs immediately. Their jeopardy was gone. They just piled up money.
That was not enough for banks. they sold insurance on the certs, guaranteeing them. They knew they could not pay them off in a crash, but the money. It is always the money. Banks were playing casino and had the game fixed until suddenly, it was over. Then we all had to bail them out to save the financial system. The fucking bankers were being strongarmed by treasury to buy up the failing institutions at great rates. But the pricks balked because they were not guaranteed their bonuses. So the govt. acquiesced and the crooks got that too.
All your crap is wrong and after the fact right-wing crap trying to make sure the bankers escaped.

All of this would not have been possible without the Bush Administration's regulators not enforcing lending standards on subprime loans.

 

[LV426]

Bush shares blame along with many

No, Bush and the Conservatives get all the blame because they're the ones who caused a bubble to appear and then grow, all while encouraging that bubble and tying that bubble to their tax cuts.

Bush and the Conservatives deliberately inflated a housing bubble to make it look like the economy was doing OK in time for the 2004 election.

This is what is really at stake for you in this debate. You have to somehow figure out a way to socialize the blame for the bubble because if you didn't and accepted the facts, you'd have to conclude that Bush and the Conservatives deliberately created the bubble to make the economy look like it was growing because of the tax cuts, when it was really growing because of debt.

Admitting that the bubble was created to boost the economy is tacitly admitting that the tax cuts from 2001 and 2003 didn't.

I think you realize that implication and what it means for everything else you stand for.

 

[LV426]

So the Bush Mortgage Bubble was created in 2004 and inflated in order to make the economy look like it was growing as a result of the tax cuts, when it was actually growing as a result of debt.

Conservatives needed the mortgage bubble to take the heat off the tax cuts, which didn't deliver on the economic marvels and promises made of them in 2001.

Bush knew that if the economy continued to drag as it did from 2001-2003, he wouldn't win in 2004. So that's why he took all these actions in late 2003 and into 2004 to create a mortgage bubble, and that culminated in his regulators ceasing the enforcement for lending standards for subprimes beginning in 2004.

Bush and Conservatism nearly destroyed the economy so they didn't have to admit their tax cuts were a load of shit.

 

[LV426]

you're demolished, lv24601, you need to come to terms with it.

That's hysterical because the crux of your argument is globalist populist globalist globalist.

 

[Getin the ring]

So the Bush Mortgage Bubble was created in 2004 and inflated in order to make the economy look like it was growing as a result of the tax cuts, when it was actually growing as a result of debt.

Conservatives needed the mortgage bubble to take the heat off the tax cuts, which didn't deliver on the economic marvels and promises made of them in 2001.

Bush knew that if the economy continued to drag as it did from 2001-2003, he wouldn't win in 2004. So that's why he took all these actions in late 2003 and into 2004 to create a mortgage bubble, and that culminated in his regulators ceasing the enforcement for lending standards for subprimes beginning in 2004.

Bush and Conservatism nearly destroyed the economy so they didn't have to admit their tax cuts were a load of shit.

maybe if you keep saying it in 4 straight posts someone will believe you huh? you fu@kin goof

 

[LV426]

maybe if you keep saying it in 4 straight posts someone will believe you huh? you fu@kin goof

I'm not lying about anything, but you have lied plenty of times on this thread.

Fact is that Bush and Conservatives created a housing bubble because their tax cuts were a heaping pile of shit that didn't deliver on the lofty promises made of them in 2001.

Then you repeated those same, stupid lofty claims in 2017 before ramming another dumb, weak tax cut through.

You don't seem to learn from your mistakes. That's because no one has ever held you to account for them in your entire life. Not your shitty parents. Not your shitty teachers. No one.

That's why the best you can do are impotent responses; no one in your entire life ever challenged you to be a better version of who you are.

 

[LV426]

Just in case you were wondering, here's how else Bush inflated the housing bubble other than having his regulators not enforce lending standards:

In 2003, states had the individual power to combat predatory lending. But then Bush invoked an OCC rule (from the 1860's) that wiped out those state protections against predatory lending. It was such a travesty that all 50 state attorney generals sued the Bush Administration over it (and lost thanks to Conservative court appointees).

“Rapid growth in subprime lending over the past decade has led to rising concerns about abusive practices by subprime lenders. By early 2004, those concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by the financial services firms, including those with federal charters, operating within their boundaries. In 2003, the OCC concluded that federal law preempts the provisions of the Georgia Fair Lending Act (GFLA) that would otherwise affect national banks’ real estate lending. In early 2004, the OCC adopted a final rule providing that state laws that regulate the terms of credit are preempted. “
https://www.mymoney.gov/Lists/MyMoneyResources/DispResource.aspx?ID=380

So Bush changed the rules and unilaterally wiped out state protections against predatory lending in 2003.

By 2004, the subprime bubble, built upon predatory lending, had been created.

Most damaging from that same link:

“ In addition, clarification of the applicability of state laws to national banks should remove disincentives to subprime lending and increase the supply of credit to subprime borrowers. “

So it's obvious Bush and the Conservatives wanted to inflate a subprime bubble.

 

[Teflon Don]

No, Bush and the Conservatives get all the blame because they're the ones who caused a bubble to appear and then grow, all while encouraging that bubble and tying that bubble to their tax cuts.

Bush and the Conservatives deliberately inflated a housing bubble to make it look like the economy was doing OK in time for the 2004 election.

This is what is really at stake for you in this debate. You have to somehow figure out a way to socialize the blame for the bubble because if you didn't and accepted the facts, you'd have to conclude that Bush and the Conservatives deliberately created the bubble to make the economy look like it was growing because of the tax cuts, when it was really growing because of debt.

Admitting that the bubble was created to boost the economy is tacitly admitting that the tax cuts from 2001 and 2003 didn't.

I think you realize that implication and what it means for everything else you stand for.

You lie

I reject your faulty premise

 

[Wolverine]

HORSE SHIT.

IT was CLINTON who signed the CRA, rescinded the long-standing executive order banning investment houses from dealing in mortgage-backed securities, right after he lifted the long-standing three year moratorium of exec.branch personnel going to work in the industries they regulated, causing a FLOOD of Clinton Adm. personnel to fill up Wall St. where they began trading in (then) profitable mortgage backed securities.

THEN THE DUNCE-O-CRATS PUT THE US TAXPAYER ON THE HOOK FOR ALL THE CRA-INDUCED SUB-PRIME MORTGAGES THAT WERE FAILING, AFTER TAKING OVER CONGRESS in 2006, BY USING THE GSEs (Fannie and Freddie) to BACK THEM, IMMEDIATELY BEFORE THE COLLAPSE.

WHEN THE SHIT HIT THE FAN, ALL THE FRAUDOCRATS IN THE BIG BANKS, ETC., MADE SURE THAT THEY WERE BAILED OUT BY THE TAXPAYERS.


IT WAS ENTIRELY THE ACTIONS OF DUMMYCRATS THAT CAUSED IT.


BUSH'S BIG MISTAKE WAS NOT CRACKING ON FANNIE AND FREDDIE< BECASUE HE DIDN'T WANT TO BE CALLED "RACIST".

Correct it was Franks Dodd

 

[LV426]

You lie

I reject your faulty premise

Well, it's not up to you, crybaby.

The facts are that the people you've chosen to get behind deliberately wrecked the economy rather than admit their economic dogma was utter shit. They -and you- rightly recognize that if we pull at that sole thread, the entire belief system unravels because it all derives from the sole belief that government is the problem, so Conservatives must do everything they can to destroy it, even if that means bankrupting it or annihilating the economy.

You're a bunch of terrorists.

 

[LV426]

Correct it was Franks Dodd

Nope. Wrong.

Barney Frank and Chris Dodd had no power in 2004 when Bush and the Conservatives dramatically weakened underwriting standards for subprime loans.

 

[PostmodernProphet]

I cannot admit the truth, because if I do my entire foundation of belief will be shattered forever

we understand.......it's okay if your entire life is built on lies........we don't really give a fuck about your life......

 

[Wolverine]

Nope. Wrong.

Barney Frank and Chris Dodd had no power in 2004 when Bush and the Conservatives dramatically weakened underwriting standards for subprime loans.

You and a box of rocks, both dumb as a box of rocks! Your revisionist History will not work here boy!

 

[LV426]

You lie

I reject your faulty premise

This reply is so delicious, I can practically hear your voice breaking as you fall deeper into denial.

The fact is that everything you've ever believed in your life has been a crock of shit, and up until now, no one has ever challenged you to be better than the scum you are.

No one. Ever.

What that says to me is that you are a terribly lonely and sad person who will never be able to achieve anything because you've never been challenged to be better by anyone, because ultimately no one fucking cares about you enough to challenge you to be better.

It's that last bit that stings the most, I'm sure.

 

[Jerry Mathers]

The FED didn't guarantee mortgage-backed securities.

The FED didn't even guarantee most subprime lending from 2004-2007.

It took an order by the Bush Administration in 2004 for GSE's to purchase risky subprime loans.

From 2000-2003, they couldn't because Clinton prohibited it in 2000.

You are in over your head.

but the politicians guaranteed it. they're corrupt.

 

[Jerry Mathers]

This reply is so delicious, I can practically hear your voice breaking as you fall deeper into denial.

The fact is that everything you've ever believed in your life has been a crock of shit, and up until now, no one has ever challenged you to be better than the scum you are.

No one. Ever.

What that says to me is that you are a terribly lonely and sad person who will never be able to achieve anything because you've never been challenged to be better by anyone, because ultimately no one fucking cares about you enough to challenge you to be better.

It's that last bit that stings the most, I'm sure.

your bluster and arrogance just aren't enough anymore. humanity is wise to your bankstery guise.