suspended wrote:

Calypso Jones wrote:http://www.theabsurdreport.com/2008/financial-crisis-what-really-happened/

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MY Bottom Line – My financial buddies above described “The Root Causes” of this mega crisis in terms of the failure of capital markets as they should from their prospective but the real cause that lies behind the scenes is LIBERALISM.
This was one giant experiment in the liberals’ grand idea of SOCIAL ENGINEERING and it failed miserably. You can not defy the laws of gravity anymore than the laws of economics. You can’t make mortgage loans to people WHO DO NOT have the ability to make their payments.
Did I just say something that is politically incorrect or socially unacceptable? Let me repeat it for you liberal nut-jobs. You can’t make mortgage loans to people WHO DO NOT have the ability to make their payments.
The grand Social Engineering experiment was conceived in 1977 under the Carter Administration and was written into law by a Democratic Congress come to be known as the Community Reinvestment Act. The Act was implemented to correct an imbalanced amount of homeownership by white America as vs. under-privileged people and minorities.
The mortgage lending banking community was firmly against this law by under penalty of the law they complied.
Later on in 1995 at the behest of President Clinton with threats of criminal prosecution against lending institutions the Democratic Congress opened the floodgates to subprime loans disaster that we have today by rewriting the laws surrounding borrowers’ credit worthiness.

• You don’t have a down payment … no problem,,, Congress says we a can write you a 100% loan
• You credit rating is poor…no problem … Congress says it doesn’t matter
• Verify your employment … what for? it’s not necessary

This insane type of risk-taking was concocted by the Democrats and defies all laws of “Common Sense” but then when using common sense in the same sentence with liberal Democrats it becomes more moron than oxy.

Hillarious.  Yeah right, its the communists, the liberals, the socialists.  Not greedy wallstreet that lobbied the hell out of a republican owned congress until they could create shady financial investments and leverage themselves to the hilt.

warpig wrote:These people made these loans and then "sold" the paper to other institutions who didn't look real hard at what they were buying. I think many of these type loans were buried in amongst other items bought and sold so all the risks weren't quite so visible. I got a home equity loan (fixed rate) and they way over valued my house and got their nice little 6-7000 bonus and gee...................3 months later sold the note.

I have no sympathy...............let the b%^&*('s burn.

warpig wrote:These people made these loans and then "sold" the paper to other institutions who didn't look real hard at what they were buying. I think many of these type loans were buried in amongst other items bought and sold so all the risks weren't quite so visible. I got a home equity loan (fixed rate) and they way over valued my house and got their nice little 6-7000 bonus and gee...................3 months later sold the note.

I have no sympathy...............let the b%^&*('s burn.

Calypso Jones wrote:Those that got rich were democrats.     Btw...i don't know if you know this but Wallstreet is basically left.   So at least we agree that they're greedy and the leveraged  themselves to the hilt.

ultracon wrote:The democrats get a larger percentage of their money from 'large' donors than republicans. Republicans get more small donations from the middle class.

Just think about the hollywood types, and George Soros type figures out there spending money on libs.

Here's an interesting article about libs on wall street.

http://money.cnn.com/magazines/fortune/fortune_archive/1987/04/27/68942/index.htm

Calypso Jones wrote:why don't you try some serious reading on this, jack.   As if it would matter.  Do you remember Dodd's problems with his cushy mortgage deal a few months ago.    Dodd, Schumer and Frank ought to be forced to testify rather than ask the questions.  Those that got rich were democrats.     Btw...i don't know if you know this but Wallstreet is basically left.   So at least we agree that they're greedy and the leveraged  themselves to the hilt.