Most bad supbar loans were made by non=bank mortgage companies. I know facts are painful when you have been regurgitating Fox news for so long.
Sorry to be the bearer of those pesky facts.
You do remember the quote from the former fed. reserve president of st. Louis? i keep wanting you to say yes so i can pop a quote from a Republican who reluctantly admits how the financial mess started. Cant wait much longer.
Do you remember?
Last edited by Havakasha; 08-17-2010 at 06:20 PM.
Let me get you started with some more facts. This is from a Republican and someone who wants to retire Freddie and Fannie.
"Its true that Fannie and Freddie played an important role in developing the market for mortgage-backed securities. They should be thanked for their successes and retired gracefully."
I quess Fox might not have told you any of that huh? lol
Or how about this from that same gentleman. "While its true that the PRIVATE MARKET BROUGHT ON THE FINANCIAL CRISIS BY CREATING SO MANY SUBPRIME MORTGAGES..."
S&L, my hunch is Fox didnt tell you that as well?
Last edited by Havakasha; 08-17-2010 at 06:24 PM.
You and that republican are compele idiots.
What is the role of Fannie Mae and Freddie Mac? Don't deflect, just answer the phucking question. Why do they exist? Banks had been making loans for years, and then Fannie Mae and Freddie Mac were created. Do you see how that timing works??
The government got involved in the housing market and subsequently phucked it up.
You'll never get it, and if you do, you'll never admit it.
That Republican happens to know WAY more than you about the mortgage business. He was the head of the federal reserve for 12 years in St. Louis and by the way he wants Fannie and Freddie to disappear. "
If you cant acknowledge what he says is true than basically you are living in a bubble of talking points.
The fact is that most bad subpar loans were made by NON BANKmortgage companies. Look it up and stop relying on talking points from Fox News.
"the private market brought on the financial crisis by creating so many subprime mortgages."
I know its hard for you to backtrack on your emphatic statements about what caused the financial crisis, but you are simply off the mark.
Last edited by Havakasha; 08-18-2010 at 11:10 AM.
And you will unfortunately never acknowledge that even if Fannie and Freddie werent around we would have had a housing bubble and a financial crisis. You want to repeat your talking point that it was all govt's fault. Its simplistic and false. Sorry but the facts speak to a much more complexOriginally Posted by SiriuslyLong
crisis.
"the private market brought on the financial crisis by creating so many subprime mortgages." Fannie and Freddie jumped on board and in some cases even lead the way. William Poole knows WAY more than you about what happened in the financial crisis. You unfortunately are so stuck in your talking point that you will never admit to any other possiblity.
Common sense would say otherwise. Banks interest rates should be based on their reserves. The lower their reserves, the higher the interest rate and visa versa. It's supply and demand. Banks would loan money based on things like collateral, down payments and such. It is a matter of their survival. When a free market is allowed to operate without intervention, it usually works, but as you and your fellow dems point out, it isn't always "fair". It is that quest for fairness that brought the government into the free market. It's well documented and I've posted numerous examples.
I'm not going to argue about Poole and his intimate knowledge of this complex web of crap our government has made since 1934. I'm talking simple stuff - economics 101.
Speaking of complex webs of crab, this is the reason why our government is growing and costing you and I and our kids more money. It is also the reason why neither democrats or republicans can make good legislation. Few things ever get simplified, just more layers added with more complication.
William Poole speaks Economics 101. Sorry you wont admit what he says is true. Dont understand why you cant simply acknowledge what he says about
the private market bringing on the financial crisis and Fannie and Freddie being a part of it and leading the way in some cases.
It seems to me only someone stuck in a talking point would not see this as even a possiblity. i mean even Barney Frank is now able to say that Fannie and Freddie should be eased out of existence. You could learn from his example. LOL.
I can agree with most of what you say here. Of course we probably do not agree about the right approach to simplifying things and which programs to cut. Hopefully we can agree that there is probably enormous waste in the militiary budget and it would be nice if that wasnt off the table in working to lower the budget deficit.
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