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.

Ok..I'd like to interject a thought here for discussion.  One of the tenets of Communism is no property ownership..the Government owns everything.

Now, the Government has taken over Freddie and Fannie.  Doesn't that now mean the Government owns the mortgages?  This takeover is definitely a communist action.  Could it actually be the precursor to Obama being president and George Soros has a hand in this to move us closer to his communist Global Open Society where the Government will take over all the financial institutions and everyone's property?

wouldn't that take some serious long term planning?  Could they actually foresee that this would crash in a specific time period or would the 'conspirators' be willing to wait for the failure?  


And yes, it does amount to nationlization as far as i'm concerned.  It's disturbing.   Especially in light of the fact that once the government gets its claws into something it doesn't let go.

Remember, they have been working for decades.  Also remember, the Congressional Black Caucus has had a large part in directing Fannie and Freddie in the directions they have gone.  It wouldn't be out of the realm of possibility to think that they planned the timing based on when the ARMs would adjust or the Balloons would pop to coincide with this election.  I guess I'm really entering the conspiracy land, but these people have been working and planning and infiltrating for decades.  I just cannot discount any possibility. because I believe they are insidious.  In 2003, the Democrat Socialists of America had as one of their goals on their plank the takeover of a major political party.  Guess what?  It is no longer listed as a goal.  Why?  Because they accomplished it.  Socialism is merely the bridge between capitalism and communism.

Even Rush was talking yesterday about the communism aspect of all this.  Perhaps I'm losing it but I thought it was worthy of discussion.

I agree.  I'd like to see more discussion here on it and some serious advice on what WE can do.

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

"
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.

Don't you think this problem had more to do with people being paid commisions to close loans - no matter how onerous?  Don't misunderstand me - I believe the *majority* of people that got these loans are responsible for their own situation - you shouldn't buy a house that you can't afford.  But I'm not sure how you say this was caused by a social engineering experiment.  The banks didn't *have* to make these loans - the only advantage for the bank in making these loans in the first place was short term (ie. commissions).  Are you arguing that the government was rewarding banks for making these loans?  I don't see that.  *Unless* you believe that the banks believed that the government would bail them out (which it looks like is happening) though this bailout is mostly a push from the Republican Bushies.  Please explain.

SoldiersMum wrote:Ok..I'd like to interject a thought here for discussion. One of the tenets of Communism is no property ownership..the Government owns everything.

Now, the Government has taken over Freddie and Fannie. Doesn't that now mean the Government owns the mortgages? This takeover is definitely a communist action. Could it actually be the precursor to Obama being president and George Soros has a hand in this to move us closer to his communist Global Open Society where the Government will take over all the financial institutions and everyone's property?

no need to suspect conspiracy when incompetence will suffice.

mathematically speaking the value of all that debt is the good faith, credit worthiness and hard work of you, me, our children and our children's children. this is called capitalism at its finest, not communism, and the only legitimate question on the table is whether we as a nation have collectively entered into a permanent state of indentured servitude?

we owe a lot of jack to a lot of foreign investors. and their sole, unified interest in this country is that we never stop all this feverishly hard work. its a good bet really. my guess is we won't so long as the flames of our insatiable greed and gluttony, now cultural in its pervasiveness, remain continuously fanned by all those commercial dreams from madison avenue...and hollywood.

by the look of things, capitalism is far from over.

were this a move to communism or even the hint of such a move, all those sources of capital from which all this has been made possible would vanish into inflation so rampant we would look like 1930 era germans wheel barreling money to the baker for a bagel. it would be global implosion of all banks everywhere, communists included. all nations would be rocked and the world structure as we know it would crumble away.

that could have happened anyway, but the run on america would have been because our government didn't back its fiat banking system. not because our government assumed our debt as an entity unto itself.

not even communists want anyone to be communists any more, that's coffee talk at star bucks in berkeley. and sleep peacefully, the boogie man mr. soros is counting on you, me and our children to never stop chasing that brass ring.

seabee wrote:

SoldiersMum wrote:Ok..I'd like to interject a thought here for discussion. One of the tenets of Communism is no property ownership..the Government owns everything.

Now, the Government has taken over Freddie and Fannie. Doesn't that now mean the Government owns the mortgages? This takeover is definitely a communist action. Could it actually be the precursor to Obama being president and George Soros has a hand in this to move us closer to his communist Global Open Society where the Government will take over all the financial institutions and everyone's property?

no need to suspect conspiracy when incompetence will suffice.

mathematically speaking the value of all that debt is the good faith, credit worthiness and hard work of you, me, our children and our children's children. this is called capitalism at its finest, not communism, and the only legitimate question on the table is whether we as a nation have collectively entered into a permanent state of indentured servitude?

we owe a lot of jack to a lot of foreign investors. and their sole, unified interest in this country is that we never stop all this feverishly hard work. its a good bet really. my guess is we won't so long as the flames of our insatiable greed and gluttony, now cultural in its pervasiveness, remain continuously fanned by all those commercial dreams from madison avenue...and hollywood.

by the look of things, capitalism is far from over.

were this a move to communism or even the hint of such a move, all those sources of capital from which all this has been made possible would vanish into inflation so rampant we would look like 1930 era germans wheel barreling money to the baker for a bagel. it would be global implosion of all banks everywhere, communists included. all nations would be rocked and the world structure as we know it would crumble away.

that could have happened anyway, but the run on america would have been because our government didn't back its fiat banking system. not because our government assumed our debt as an entity unto itself.

not even communists want anyone to be communists any more, that's coffee talk at star bucks in berkeley. and sleep peacefully, the boogie man mr. soros is counting on you, me and our children to never stop chasing that brass ring.

Agreed.  Communism, at least as it's been implemented so far, is an utter failure.  Russia?  China?  Cuba?  Come on.  It's a system that removes any motivation to succeed and, therefore, better yourself or society.  And for those who don't know me, yes, I'm a lefty.

oh goodness.   Do i really want to ask the question?

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

"
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.