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Re:Only In Today's America 1 Year ago
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Every word of that and punctuation mark is spot on SKWEARpega, and it is well documented.
The Utopians created the housing bubble with their "everyone should have a house no matter what" scheme and forced banks to make loans that they wouldn't ordinarily make. Then the Utopians blamed the banks and said they needed to be more closely regulated.
It's the same thing that's going on now with JP Morgan Chase. If JPMC had made $2 billion in profits, they'd be evil and need to be regulated. Instead, they lost $2 billion and are evil and need to be regulated.
I don't give a "rat's-you-know-what" how much JPMC lost. Unless there was something being done illegal, it doesn't matter to me. That's what happens in free markets. There is risk. There are mistakes. There are always losers and winners in free enterprise. It's up to people in the free market to decide whether or not they want to keep investing in JPMC and doing business with JPMC.
However, Utopians use these opportunities to try to lay blame and control the risk, control supply and demand and regulate it all to the point that there is no free enterprise any longer. Utopians screw it up even more, and they'll try to screw this up, too.
PS - The losers in all of these schemes are the working, productive tax payers. They foot the bill, lose value in their homes, lose value in their incomes and lose value in their investments.
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Last Edit: 2012/05/15 12:27 By Ricohoc.
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erizo (User)
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Posts: 1865
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Re:Only In Today's America 1 Year ago
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SKWEARpeg wrote:
Congress overhauled the rules, and actually gave groups like ACORN, a seat at the table to determine if the banks were lending enough money to poor people.....Obama was up to his skinny neck in this in Chicago as a Community Organizer, and legal consultant to ACORN. In 1993, Congress added teeth to the CRA, the lending standards started to plummet at a faster pace, and the leveraging of the dollar in the mortgage industry grew exponentially. Can you say "budget surplus". This is where the economy was booming, and everybody turned a blind eye to it because it was before the Earth was created in 2001.
interesting stuff, but the `94 case wasn´t to force the banks to give loans to poor people, it was to end the practice of `red lining´
http://www.snopes.com/politics/obama/loans.asp
SKWEARpeg wrote:
"You never get something for nothing", and, "if it's to good to be true, then it isn't". The government forcing lending policy on banks, and not expecting a backlash when the defaults started pouring in, was either intentional, myopic, corrupt, or all three. It wasn't capitalism....if it was capitalism, there never would have been a "Bailout".
quite agree. but having said that, neither party had the balls to put the brakes on and change what became a disaster.
btw, i understand fully how consumerism is neccessary to the capital system, but when it gets out of control it´s a problem. the `i want it all and want it now!´ mentality in which social worth is counted on what you have has played a large part, hence people putting the car, boat, tv, etc, on the mortgage or the credit card and then wondering what happened when the sh!t came down.
totally agree with you on the bailout. that was a bigger piece of socialism than your current president has produced to date.
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Last Edit: 2012/05/15 13:15 By erizo.
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be realistic - demand the impossible!
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Re:Only In Today's America 1 Year ago
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First, what Snopes doesn't tell you is that "red lining" was used as the reason, but was never proven. The class action suit was easier to pay off out of court than to go through the court proceedings. The same is true of sexual harrassment cases in the US. Most are settled out of court for that reason, and defendants come out a lot cheaper. What also goes unsaid is that Clinton's Justice Department, through Janet Reno, threatened banks to go along with the program of bad loans or face tougher scrutiny in federal audits and the possiblity of having branch expansion and mergers rejected.
Second, the bailout was less than a trillion dollars. The current president has overspent by over a trillion dollars in each of his years of reign. His stimulus, due to the Dem majority in Congress in his first two years making it so, is a part of the baseline spending in each year. Obama's term thus far has amassed over $4 trillion in added debt and counting.
Tax revenue from working Americans has been redistributed in the form of the funding of ObamaCare, the taking of dedicated and contributed funds in the amount of $500 billion from Medicare and given to ObamaCare, the funding of grants to phony green energy start-ups that have since gone bankrupt (Solyndra is only one), expansion of welfare, expansion of unemployment benefits, expanison of entitlement programs to illegal aliens, a mortgage bailout program for people unable to pay their mortgages, cash for clunkers, student loan bailouts and forgiveness, more money given to FDIC, Fannie Mae and Freddie Mac to keep them afloat, and the list goes on and on ...
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Last Edit: 2012/05/15 15:39 By Ricohoc.
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Re:Only In Today's America 1 Year ago
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Yee hooo!! Im glad some are on top of it!!
But I have to ask erzio.... Why constantly go backwards? Pretty much everybody is aware what past administrations have done....and I dont hear anybody giving Bush or any other republican a free pass. But the dems are in control and its on their back now. Not Bush's..1 or 2....or clinton either. Its the barak husseian obama administration. To constantly respond defending bho with...well bush this...the conservs that (all in the past), has nothing to do with the road hes going down. HE IS THE DRIVER. HE needs to learn the definition of personal responsability and grow the F up.
Before he was elected he could walk on water. Now we learn he cant even swim.
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Democracy is two wolves and a small lamb voting on whats for dinner. Freedom under a constitutional republic is a well armed lamb.
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Re:Only In Today's America 1 Year ago
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hrdbrgn wrote:
... Why constantly go backwards? ...[/img]
Generally, Utopians look to the past to lay blame and look to the future to raise expectations and posit phony results -- while asking for more revenue, more time and more regulation that takes away more liberty and more choices of the individual.
For Utopians to draw attention to the current state of affairs of the here and now would expose the ruse. The Utopian Dream of the Masterminds always results in failure, and it has been the case in the entire history of the world.
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