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Monday, December 01, 2008

AP Blames Mortgage Crisis On Bush

In an analysis of the mortgage crisis, the Associated Press blames the collapse on a lack of regulatory crackdown from the Bush administration which was pressured away from regulation by mortgage industry lobbyists in 2005.  Because the Bush administration is obviously the only political entity with regulatory authority in this matter.  It’s not like Congress has banking committees or anything.

It’s not like certain prominent Democrat members of Congress out-and-out opposed crackdowns on subprime loans even as the Bush administration attempted to increase regulation.

And are we really supposed to believe that this entire problem was created from 2005 on?  It seems to me that it took a lot more than 2 - 3 years of subprime loans to bring the market down.

Regardless, the truly interesting thing in this analysis is the way big-players in the mortgage market (such as Countrywide Financial, which bought off members of Congress like Senate Banking Committee Chairman Chris Dodd and Senate Budget Committee Chairman Kent Conrad with “VIP” loans) lobbied to keep making these bad loans.  Why on earth would they do that?

Maybe because they knew that the government would keep asking Fannie Mae/Freddie Mac to buy up and/or secure those bad loans, and that if anything really bad happened they’d get a bailout.

Comments

Dem social engineering costs, Dem energy development obstruction, Dem environazism.

Dems at fault.

Keep bullshitting, chew toy.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 2, 2008 at 12:45 pm

Whatever one says about obstruction, it does kinda demonstrate that the GOP didn’t have free rein from 1994 to 2006, doesn’t it?

Game.Set.Match.

You lose again, Dino and RealityChallengedBoob.  Thank you for providing the petard for your hoisting.

I don’t think Dino is Diane.  There was a touch of femininity to her comments that is absent from Dino’s.

Bike Bubba on December 2, 2008 at 12:49 pm
Rob
Rob
19961 comments
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Total republican control of Congress 1994-2007

That’s not actually true.  Might want to check your facts again, genius.

Also “total control” should mean a filibuster-proof majority.  It takes a vote of 60 to get anything through Congress.

And yes, Boob, Republicans voted with the Democrats far too often.  That’s a big reason why they’re not in office right now.


When the people fear their government, there is tyranny; when the government fears the people, there is liberty.

-- Thomas Jefferson

Rob’s recently listened-to songs:

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Rob on December 2, 2008 at 12:50 pm

yeah nice graphic Bob.

What it demonstrates is that the Democrats are much more likely to take a vote to the floor for a cloture vote than was done historically.  (After all if you don’t have the votes, why take it to the floor?)

What does that tell us, oh brilliant one?  Other than this is another dose of DNC koolaid that you are swallowing.

And by the way, there is something positively hysterically funny about how it’s OK with you boobs when the Democrats were being obstructionistic pre 2006 (or in that pathetic Dino’s world view, apparently impossible), but now that the Republicans are employing the same proven tactic, that’s somehow only now bad.

Carrick on December 2, 2008 at 01:29 pm

Dino stop spamming the same comment.  It doesn’t make what you say more true or less true.

Carrick on December 2, 2008 at 01:30 pm

Dino:

Total republican control of Congress 1994-2007

This, as Rob has also pointed out, is simply false.

Dino can’t keep its facts straight.

Carrick on December 2, 2008 at 01:32 pm

Bike Bubba :

I don’t think Dino is Diane.  There was a touch of femininity to her comments that is absent from Dino’s.
Well that’s unfortunate, because she was equally entertaining to run loops around logically.  Never can have enough rhetorical punching bags in these grave times. wink

Carrick on December 2, 2008 at 01:35 pm

Dino stop spamming the same comment.  It doesn’t make what you say more true or less true.

THat’s the leftists m.o.
Repeat something till folks accept it.


Without an honest exchange of ideas, how can a mind grow?

RebTex on December 2, 2008 at 01:36 pm

Dino=GIGO


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 2, 2008 at 01:36 pm
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Carrick, I really don’t see why we should ever continue obstruction to be a bad thing.  Gridlock in Congress is generally a positive, and I certainly don’t want to see Republicans just going along with a Democrat agenda.

I want to see them go along when the Democrats get something right, but if the Democrats are wrong they should be opposed.

One party obstructing the other is how it’s supposed to work.


When the people fear their government, there is tyranny; when the government fears the people, there is liberty.

-- Thomas Jefferson

Rob’s recently listened-to songs:

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Rob on December 2, 2008 at 01:53 pm

One party obstructing the other is how it’s supposed to work.

Unless it’s one party obstructing the needs of the American people for affordable energy.  The Dem energy obstruction wasn’t done against the “other party”, it was done for the benefit of a special interest group, the enviros.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 2, 2008 at 02:01 pm
Avatar for di butler

Bob’s got a little friend now! I think Dino is impressed with his “graph.” I don’t know why you bother to answer Dino, guys, he just loops the same info over and over. Boring.

di butler on December 2, 2008 at 02:15 pm

Rob, I agree with you here.  I have never had a problem with the filibuster for that reason.

I was just pointing out the lack of a coherent argument on the part of RBB or Dino, not that this was really necessary.

Carrick on December 2, 2008 at 02:19 pm
Avatar for Dino

Republicans didn’t just oppose new topic legislation, they opposed necessary spending bills. They would not let anything pass that might benefit democrats politically.

Republican control of Congress 1994-2007
Republican President 2000-2007
Republican Federal Reserve 1987-present
Conservative free-market economic policies pursued 1980-present

Results:
$11 trillion debt (doubled in last 8 years)
Record deficits (projected $1 trillion)
Recession approaching depression
Auto industry destroyed
real estate industry destroyed
financial services industry destroyed
widespread bank failures
quickly rising unemployment
income equality at record high

Thank you, republicans.

Dino on December 2, 2008 at 04:43 pm
Avatar for Dino

For those might have missed this:

Republican control of Congress 1994-2007
Republican President 2000-2007
Republican Federal Reserve 1987-present
Conservative free-market economic policies pursued 1980-present

Results:
$11 trillion debt (doubled in last 8 years)
Record deficits (projected $1 trillion)
Recession approaching depression
Auto industry destroyed
real estate industry destroyed
financial services industry destroyed
widespread bank failures
quickly rising unemployment
income equality at record high

Thank you, republicans.

Dino on December 2, 2008 at 04:46 pm

Republicans didn’t just oppose new topic legislation, they opposed necessary spending bills.

The only “necessary” spending by federal govt is for national defense and a few other items.  The Dems waste trillions on wasteful social engineering schemes that don’t work.  Someone has to stop them.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 2, 2008 at 05:03 pm

Dino=GIGO

More accurately, with all that fecal matter ingestion:

Poopey In—Poopey Out = PIPO


...for great justice

2eaqln4.jpg

91bh36.jpg

52zx1x.jpg

Move_Zig on December 2, 2008 at 05:15 pm

Still spamming huh, Dino?

That’ll win the argument.

LOL.

Carrick on December 2, 2008 at 05:31 pm
Avatar for Dino

Republican control of Congress 1994-2007
Republican President 2000-2007
Republican Federal Reserve 1987-present
Conservative free-market economic policies pursued 1980-present

Results:
$11 trillion debt (doubled in last 8 years)
Record deficits (projected $1 trillion)
Recession approaching depression
Auto industry destroyed
real estate industry destroyed
financial services industry destroyed
widespread bank failures
quickly rising unemployment
income equality at record high

Thank you, republicans.

There’s really little else to say. If you are in charge of a project at work and all your friends are on the team, you’ve had the project for years and it goes sour, do you blame the people who DIDN’T run the project?

No, you take your lumps, resign and get the heck out of Dodge. Now it’s time for the republicans to SCOOT.

Dino on December 2, 2008 at 07:49 pm

Wow, it’s Dino the wonder SPAMbot.

Who apparently likes looking like a complete idiot.

You do a better job discrediting yourself that I ever could.

Carry on.

Carrick on December 2, 2008 at 08:12 pm

Dino: “real estate industry destroyed

You guys sure this isn’t Diane?  Exactly the sort of shit she was spouting when the real estate was at its peak.

Actually the market was long over due for a correction:

Get back to us when you get a brain.

Carrick on December 2, 2008 at 08:36 pm

BTW, those prices are adjusted for inflation.  Sources:

Average home values

More blather from Diane Dino:

Republican control of Congress 1994-2007
You’re still wrong and still an idiot.  I can’t believe you didn’t even bother to go back and facts check yourself.  Retard.

Auto industry destroyed

By the unions.  Long time coming.

financial services industry destroyed
widespread bank failures

Both are primarily the fault of interference with the market by Democrats.  Established fact.

quickly rising unemployment

News flash for Dino, we were due for a recession.  Unemployment rises during business down cycles.  Surely even Dino isn’t this stupid.

income equality at record high

Another news flash for the economically illiterate Dino:  income inequality rises during times of prosperity, it falls during hard times.  The rich get richer faster when things are going well, but all groups including the lowest quintile have benefited.

This is too easy.  I’m bored.

Carrick on December 2, 2008 at 08:44 pm

This is too easy. I’m bored.

I know the feeling; trollsmacking can get boring, especially with such ignorant trolls like we have here.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 2, 2008 at 10:04 pm
Avatar for Dino

Republican control of Congress 1994-2007
Republican President 2000-2007
Republican Federal Reserve 1987-present
Conservative free-market economic policies pursued 1980-present

Results:
$11 trillion debt (doubled in last 8 years)
Record deficits (projected $1 trillion)
Recession approaching depression
Auto industry destroyed
real estate industry destroyed
financial services industry destroyed
widespread bank failures
quickly rising unemployment
income INequality at record high

Thank you, republicans.

Dino on December 3, 2008 at 07:39 am

Dino apparently misses the reality that the Fed is a nonpartisan institution, and that there sometimes a market bubble has factors going back a while.  Like, say, to 1913.  Tell me again who was President then?

Of course, this is a guy who can’t figure out that having three rescue missions within a two block radius in downtown Portland (not that big of a city!) is a sign that things aren’t so hot there, and that the cause of high real estate prices there is that they’ve closed off all the buildable land around the city.  So expecting him to figure out that sometimes government sets time bombs that explode decades later is probably futile.

Bike Bubba on December 3, 2008 at 07:42 am
Avatar for Dino

We’re so glad that people like bubba choose to cower in fear and loathing out in the hinterlands of white trash! It makes our cities so much more enjoyable!

Republican control of Congress 1994-2007
Republican President 2000-2007
Republican Federal Reserve 1987-present
Conservative free-market economic policies pursued 1980-present

Results:
$11 trillion debt (doubled in last 8 years)
Record deficits (projected $1 trillion)
Recession approaching depression
Auto industry destroyed
real estate industry destroyed
financial services industry destroyed
widespread bank failures
quickly rising unemployment
income INequality at record high

Thank you, republicans.

Dino on December 3, 2008 at 08:13 am

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Image and video hosting by TinyPic


The battle for freedom must be won over and over again.

AKAJOEL on December 3, 2008 at 08:32 am
Avatar for Dino

I didn’t know it was cutn paste time!

Some links to show you how you and your insane brethren of conservatives are chasing your tail in trying to blame the poor and the liberal for what was the fault of the greedy, rich, white and republican.

The definitive article on the CRA and why conservatives are deluded:

Subprime Suspects

More for your enjoyment:

Edward Lotterman: Don’t believe the myth about the fiscal mess

See if you can comprehend this one:
Most subprime lenders weren’t subject to federal lending law

This one might make your head explode:

Misunderstanding Credit and Housing Crises: Blaming the CRA, GSEs

This one requires a higher level of understanding. Kind of academic. Get a kind liberal to explain it to you:
Fannie Freddie data

And last but not least, the reason why reining in F&F didn’t happen:

AP IMPACT: Mortgage firm arranged stealth campaign

Not that it would have mattered. Less than 20% of bad loans had anything to do with F&F. F&F got involved in the mess because they were losing so much “business” to the shysters, most of whom were no doubt republicans out to make a quick buck and skate. but in conservatismland, any way you make a buck is cool as long as you don’t get caught, right?

You know, most of the defaults and sob stories I saw in the past few years were about people in the middle and upper middle class who thought they needed to be like the top 1%. Overly large, luxurious, gauche lifestyles of the stupid and republican. “Look at me in my fabulous mansion with the great rooms, media rooms, granite counter tops, cherrywood cabinetry, and 4-car Hummer garage complete with boats and a jet ski for each of the kids! And to think, we only make $80K! I Just LOVE George Bush’s ownership society! Ronald Reagan was right. You CAN have it all!”

Dino on December 3, 2008 at 11:05 pm

Not hard to comprehend at all, chew toy!  It’s a bunch of leftie liars desperately clinging to their hatred of real American values.  You idiots keep trying to sell socialist slavery to free Americans.  Foolish.
When the govt mandates bad business practices for social engineering purposes, disaster is inevitable.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 3, 2008 at 11:11 pm

Dino, no comprehensive analysis of the CRA is going to persuade me that bankers’ behavior is NOT going to be influenced by the prospect of federal regulators and ACORN lawsuits.  There is a basic reality called “incentives,” and if you create incentives NOT to adhere to sound loan policies, you are going to get unsound loans.

If you accept welfare payments as evidence of ability to pay a mortgage, you are going to find more welfare recipients with mortgages than otherwise.  You can find out where a lot of them live by looking at a foreclosure map, especially one for inner cities.

It’s really not that complicated; one can contrive any number of metrics that supposedly “refute” what went on, and the answer should be the same; look at the incentives created, and look at a foreclosure map of the inner city.  No Nobel winner can refute the reality of this.

Bike Bubba on December 4, 2008 at 07:41 am

bankers’ behavior is NOT going to be influenced by the prospect of federal regulators and ACORN lawsuits.  There is a basic reality called “incentives,” and if you create incentives NOT to adhere to sound loan policies, you are going to get unsound loans.

Exactly!


The longest absence is less perilous to love than the terrible trials of incessant proximity.


QueenZel's signature
QueenZel on December 4, 2008 at 07:43 am

Old Greg-AKA- Dino is full of socialist shit.

He’s a blind organ grinder who’s lost his monkey, playing cacophonous and discordant marxists tunes for anybody stupid enough to listen--- hoping that his equally blind sycophantic brethren will be a grateful enough audience to drop a coin or two into his dystopia-laden tin cup.


The battle for freedom must be won over and over again.

AKAJOEL on December 4, 2008 at 08:01 am

Very well put, Bubba.  That’s an excellent explanation of how government-created incentives distorts the market and produces irrational decision making.

Carrick on December 4, 2008 at 08:01 am
Avatar for Dino

Yeah, that’s about what I expected. The links were too hard for the brainstems to understand. No surprise there.

Cling to your ignorance like you cling to your guns and gods. They form a protective cocoon of stupid around you.

Some links to show you how you and your insane brethren of conservatives are chasing your tail in trying to blame the poor and the liberal for what was the fault of the greedy, rich, white and republican.

The definitive article on the CRA and why conservatives are deluded:

Subprime Suspects

More for your enjoyment:

Edward Lotterman: Don’t believe the myth about the fiscal mess

See if you can comprehend this one:
Most subprime lenders weren’t subject to federal lending law

This one might make your head explode:

Misunderstanding Credit and Housing Crises: Blaming the CRA, GSEs

This one requires a higher level of understanding. Kind of academic. Get a kind liberal to explain it to you:
Fannie Freddie data

And last but not least, the reason why reining in F&F didn’t happen:

AP IMPACT: Mortgage firm arranged stealth campaign

Not that it would have mattered. Less than 20% of bad loans had anything to do with F&F. F&F got involved in the mess because they were losing so much “business” to the shysters, most of whom were no doubt republicans out to make a quick buck and skate. but in conservatismland, any way you make a buck is cool as long as you don’t get caught, right?

Dino on December 4, 2008 at 08:10 am
Avatar for Dino

I do love this one though:

He’s a blind organ grinder who’s lost his monkey, playing cacophonous and discordant marxists tunes for anybody stupid enough to listen--- hoping that his equally blind sycophantic brethren will be a grateful enough audience to drop a coin or two into his dystopia-laden tin cup.

Poor brainstem must have been up all night writiing that one. The big words alone must have taken hours to research.

Dino on December 4, 2008 at 08:12 am

Your just jealous, Dino AKA Old Greg


The battle for freedom must be won over and over again.

AKAJOEL on December 4, 2008 at 08:29 am

You’re just jealous, Dino AKA Old Greg


The battle for freedom must be won over and over again.

AKAJOEL on December 4, 2008 at 08:31 am

You suffer fools gladly, seeing yourselves as wise.


The battle for freedom must be won over and over again.

AKAJOEL on December 4, 2008 at 08:50 am
Avatar for Dino

Not hard to perceive yourself as smart when you come here and see the idiocy posted by the brainstems.

Last word?

Dino on December 4, 2008 at 01:46 pm

Hey “OLD GREG,” Dino You suffer fools gladly, seeing yourself as wise.


The battle for freedom must be won over and over again.

AKAJOEL on December 4, 2008 at 01:59 pm

I’ll bite on this one, Dino:

1.  Dan Gross claims that the GOP is blaming minority homeowners.  That’s a basic straw man argument; we blame the CRA and Barney Frank, but see the minorities as victims of the Democrats.

2.  Lotterman ignores the fact that the CRA does allow lawsuits, and the discovery process alone can cripple a bank.  Yes, Mr. Lotterman, there are perverse incentives to the CRA.  Lotterman also ignores the increased enforcement during the Clinton administration.

In other words, Lotterman argues against a nice....straw man, again.

3.  Krugman is arguing that the holder of about half of mortgages, according to his own data, has nothing to do with the troubles in the mortgage market?  I guess this is what one would expect from an “economist” who believes that hurricanes are good for the economy, but it’s hardly an argument.

I’m afraid your sources are, when viewed closely, really missing the issue.  Without the imposition of weak lending standards by the government, including below market rate loans from the Fed, the real estate bubble doesn’t get started. 

Now that doesn’t mean that bribery from Fannie and Freddie (and their Democratic executives) wasn’t a problem, or that idiots issuing loans they knew were bad wasn’t a problem, either.  It does, however, mean that government involvement WAS a problem.

Now if you’ve got a coherent argument about why setting up perverse incentives through the CRA and the Fed doesn’t matter, let’s have it.  To this point, however, you have not addressed the real argument that conservatives are presenting here.

Bike Bubba on December 4, 2008 at 02:09 pm

When govt mandates bad business practices to attempt to implement social engineering, the result is disaster.


The only legitimate role of government with regard to economics is to prevent fraud and provide a remedy- civil and criminal penalties- in case of fraud.

People have the mistaken notion that the free market has no rules.  But it most certainly does.  All our problems are due to government meddling.

robert108 on December 4, 2008 at 02:20 pm
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