racer254 Posted June 16, 2016 Share Posted June 16, 2016 8 minutes ago, Capt.Storm said: You will never get it or understand what really happened ..because you don't want too. The people who you wanted to fix it are the very same who caused it. 8 minutes ago, 1jkw said: I would say everyone from the pres. to every member of the house and senate and anyone under them. The problem maybe that that these were rules and guidelines not laws with penalties attached, I don't know but I know it's wrong. We are all 3 on the same page. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 16, 2016 Share Posted June 16, 2016 1 hour ago, Capt.Storm said: You will never get it or understand what really happened ..because you don't want too. The people who you wanted to fix it are the very same who caused it. The people responsible were the banks period. Bundling dead/bad loans was wrong and they knew it. Mortgage reps admitted they were fixing loan apps for the big $$ the banks were paying. You need to remember. Banks are not honest and never were. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 (edited) 1 minute ago, racer254 said: We are all 3 on the same page. cept he's trying to make the bankers seem like the cause of the problem. Not that some were not crooked to begin with prolly. Edited June 16, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 4 minutes ago, Capt.Storm said: But W did not lower the standards ,Billy did. CDS's were a shell game no doubt...but the banks were not going to take the looses that they knew were coming because of the mandates from billy and his crew...not that hard to understand right? THE FED LOWERED THE STANDARD. The fed is separate from the president. The GLB act repealed GS. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 16, 2016 Share Posted June 16, 2016 1 hour ago, Capt.Storm said: cept he's trying to make the bankers seem like the cause of the problem. Are you really this numb? Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 1 minute ago, 1jkw said: THE FED LOWERED THE STANDARD. The fed is separate from the president. The GLB act repealed GS. Just now, Mainecat said: Are you really this numb? The feds acted on what Billy said to do. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 2 minutes ago, Capt.Storm said: cept he's trying to make the bankers seem like the cause of the problem. They were. Answer one simple yes or no question. Did the banks and brokers follow the rules? Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 16, 2016 Share Posted June 16, 2016 Just now, 1jkw said: They were. Answer one simple yes or no question. Did the banks and brokers follow the rules? What rules did they break? Again, they needed to be charged with breaking the law or ? Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 Just now, 1jkw said: They were. Answer one simple yes or no question. Did the banks and brokers follow the rules? They did what Billy prescribed. The bankers knew chit would go to hell no doubt. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 2 minutes ago, Capt.Storm said: The feds acted on what Billy said to do. Where did you get that idea from? The why didn't W tell them he wanted something different? Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 I can't understand why people want to make things more complicated then said things are. Cause and effect. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 2 minutes ago, racer254 said: What rules did they break? Again, they needed to be charged with breaking the law or ? There is a rule that supersedes all other rules goes something like this, in any and all cases sound banking practices shall supersede any and all other rules. The rule that borrowers be able to get PMI. I can't for the life of understand how many are not in jail I have no answer or explanation why they aren't. Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 16, 2016 Share Posted June 16, 2016 1 minute ago, 1jkw said: There is a rule that supersedes all other rules goes something like this, in any and all cases sound banking practices shall supersede any and all other rules. The rule that borrowers be able to get PMI. I can't for the life of understand how many are not in jail I have no answer or explanation why they aren't. Oh, I think we all know why. When it comes to money or law, unfortunately many times money > law. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 4 minutes ago, racer254 said: Oh, I think we all know why. When it comes to money or law, unfortunately many times money > law. Money is the golden rule, he who holds the gold makes the rules. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 3 minutes ago, 1jkw said: There is a rule that supersedes all other rules goes something like this, in any and all cases sound banking practices shall supersede any and all other rules. The rule that borrowers be able to get PMI. I can't for the life of understand how many are not in jail I have no answer or explanation why they aren't. Since most pmi insurance would not back those loans along came the cds solution to fill that in..which aig really fawked themselves on...they only sold,didn't buy. Yeah we could make this really convoluted if you want...but it all started at the top...trickle down lib economics if you will? Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 3 minutes ago, Capt.Storm said: Since most pmi insurance would not back those loans along came the cds solution to fill that in..which aig really fawked themselves on...they only sold,didn't buy. Yeah we could make this really convoluted if you want...but it all started at the top...trickle down lib economics if you will? You are trying to blame this on a political party, not breaking rules. The GLB act was a REPUBLICAN BILL. The speed limit on rt. 17 is 65, on my way to Rochester I was in a line of traffic we were doing 74 -75 mph we drove right past 2 troopers with radar in the median, we weren't pulled over. Was it the lack of law or the lack of enforcement? Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 16, 2016 Share Posted June 16, 2016 (edited) 35 minutes ago, Mainecat said: The people responsible were the banks period. Bundling dead/bad loans was wrong and they knew it. Mortgage reps admitted they were fixing loan apps for the big $$ the banks were paying. You need to remember. Banks are not honest and never were. The ends justify the means. Democrats have been using this phrase to justify every social issue. When you have to apply it to banks or corporations why do you think they would act any different? Edited June 16, 2016 by racer254 Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 7 minutes ago, 1jkw said: You are trying to blame this on a political party, not breaking rules. The GLB act was a REPUBLICAN BILL. The speed limit on rt. 17 is 65, on my way to Rochester I was in a line of traffic we were doing 74 -75 mph we drove right past 2 troopers with radar in the median, we weren't pulled over. Was it the lack of law or the lack of enforcement? I am blaming this on a political party yes..the dems. Your analogy is flawed as most are.. cappy don't play that game. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 4 minutes ago, racer254 said: The ends justify the means. Democrats have been using this phrase to justify every social issue. When you have to apply it to banks or corporations why do you think they would act any different? You have to ask yourself what party is for deregulation? What party wrote and sponsored the bill repealing GS? Were the rules in place at the time of the collapse enforced? You constantly to make everything political and blame the other party, many times not knowing it was the party you support that passed the bill that created a problem. Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 16, 2016 Share Posted June 16, 2016 Just now, 1jkw said: You have to ask yourself what party is for deregulation? What party wrote and sponsored the bill repealing GS? Were the rules in place at the time of the collapse enforced? You constantly to make everything political and blame the other party, many times not knowing it was the party you support that passed the bill that created a problem. Bullshit. It was both parties. Hence the reason that no one went to jail. I happen to blame the democrats for 51% in the R for 49% The realization is the fact that republicans are voting those people out while the democrats are voting for more of the same. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 6 minutes ago, Capt.Storm said: I am blaming this on a political party yes..the dems. Your analogy is flawed as most are.. cappy don't play that game. So the republican written and sponsored GLB bill is the dems fault? The analogy was spot on, rules existed and were not enforced, just like the speed limit not being enforced. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 Bill Clinton (Sept. 24): 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. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 16, 2016 Share Posted June 16, 2016 2 minutes ago, racer254 said: Bullshit. It was both parties. Hence the reason that no one went to jail. I happen to blame the democrats for 51% in the R for 49% The realization is the fact that republicans are voting those people out while the democrats are voting for more of the same. Perfect, you blame the dems. more than the rep. 51 to 49 while the rep. voted in the bill by an overwhelming majority, and who currently hold the house and senate and have not pushed to have anyone arrested and are trying to deregulate WS more. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Share Posted June 16, 2016 But I will concur it took effort to fawk it all up from a lot of people..but still it was billy's watch. The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap. Home buyers, who took advantage of easy credit to bid up the prices of homes excessively. Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses. Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes. The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families. Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates. Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages. Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral. The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market. An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic. Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up. The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult. –by Joe Miller and Brooks Jackson Quote Link to comment Share on other sites More sharing options...
racer254 Posted June 16, 2016 Share Posted June 16, 2016 4 minutes ago, 1jkw said: Perfect, you blame the dems. more than the rep. 51 to 49 while the rep. voted in the bill by an overwhelming majority, and who currently hold the house and senate and have not pushed to have anyone arrested and are trying to deregulate WS more. Oh yeah, and the democrats had control for 2 years and didn't do a damn thing either. All the while, enormous amounts of taxpayer money is being spent on foreign refugees, illegal immigrants and also being given to foreign governments and all the libs want to do is complain about miniscule spending cuts to education or how ss is going bankrupt. It is all about diversion. Quote Link to comment Share on other sites More sharing options...
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