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#1
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?baMa? Tse Dung wrote:
Separating economic myth from economic fact Myth 1: The government-sponsored housing finance companies Fannie Mae and Freddie Mac had nothing to do with the housing crisis. They were simply innocent bystanders caught in the crossfire. Economist and New York Times columnist Paul Krugman, for instance, has argued that Fannie and Freddie’s role in the housing market was insignificant between 2004 and 2006 because “they pulled back sharply after 2003, just when housing really got crazy.” According to Krugman, Fannie and Freddie “largely faded from the scene during the height of the housing bubble.” Fact 1: Fannie and Freddie contributed to the housing crisis by making it easier for more people to take out loans for houses they could not afford. Beginning in 2000, Fannie and Freddie took on loans with low FICO scores, loans with low down payments, and loans with little or no documentation. Fannie Mae is a loan guarantor. She doesn't make loans. Investment banks crashed the economy. Blame it on Phil Gramm and Bill Clinton, and "W" for looking the other way. |
#2
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![]() Fannie Mae is a loan guarantor. She doesn't make loans. Man, you are the biggest moron that graduated from a California public school. The Trillion-Dollar Bank Shakedown http://www.city-journal.org/html/10_...on_dollar.html http://www.youtube.com/watch?v=_MGT_cSi7Rs The Real Culprits In This Meltdown - Clinton Democrats http://www.investors.com/NewsAndAnal...-Meltdown.aspx Andrew Cuomo and Fannie and Freddie How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis http://www.villagevoice.com/content/printVersion/541234 http://en.wikipedia.org/wiki/Andrew_Cuomo Bankrupt "Exploiters" http://www.townhall.com/columnists/T...upt_exploiters http://www.townhall.com/columnists/T...oiters_part_ii How "Smart Growth" Exacerbated the International Financial Crisis http://www.heritage.org/Research/Economy/wm1906.cfm How U. S. Land Use Restrictions Exacerbated the International Finance Crisis http://www.demographia.com/db-overhang.pdf Who is to blame? http://cafehayek.typepad.com/hayek/2...-to-blame.html |
#3
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On 03/04/2011 05:55 PM, Chas. Chan wrote:
Fannie Mae is a loan guarantor. She doesn't make loans. Man, you are the biggest moron that graduated from a California public school. I never graduated. "[...]So if a politician voiced an opposition point of view, and some did, there was a real risk of them being beat down by an opponent financed by the financial industry. Doesn’t that kind of weaken the ability to have a real discussion? Absolutely. There’s a chilling effect. One of our commissioners, Brooksley Born, she’s the classic case. Brooksley Born was appointed by [President Bill] Clinton in 1996 to head the Commodity Futures Trading Commission. She was one of our 10 commissioners. From 1994 to 1996 or 1997, there were a series of scandals involving the highly risky use of the over-the-counter derivatives; these are the ones not traded on the Chicago Board of Trade and the commodity exchanges. There was a big scandal at Procter & Gamble with Sumitomo Bank. So Brooksley Born, as chair of that commission, stepped forth and said, “I think we ought to discuss whether these over-the-counter derivatives”—which ultimately grew to this multitrillion-dollar industry by the time of the crisis—“should be regulated.” She put out a concept paper to discuss it. Well, she was immediately shut down by the powers that be. It was [former Chairman of the Federal Reserve] Alan Greenspan, it was [former Secretary of Treasury] Robert Rubin, it was [former Securities and Exchange Commission Chairman] Arthur Levitt, it was [former Secretary of Treasury] Larry Summers and it was the financial industry. And they essentially put a stop, they went to Congress and said that Congress ought to adopt a moratorium on any regulation—and then two years later, they got a complete ban on regulation. So this is an example where someone stood up, said the right thing and was put down for it. But this should be a constant source of concern, because also more and more power is concentrated in fewer and fewer banks. Between 1990 and 2005, I believe the top 10 banks in the country, their share of assets grew from 25 percent to 55 percent. After the crisis now, we have fewer big banks, because Lehman [Brothers] went under, Bear Sterns went under, Merrill Lynch merged with Bank of America. The concentration of power by fewer banks is even greater today.[...]" http://www.newsreview.com/sacramento...nt?oid=1923599 |
#4
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![]() dave wrote: On 03/04/2011 05:55 PM, Chas. Chan wrote: Fannie Mae is a loan guarantor. She doesn't make loans. Man, you are the biggest moron that graduated from a California public school. I never graduated. "[...]So if a politician voiced an opposition point of view, and some did, there was a real risk of them being beat down by an opponent financed by the financial industry. Doesn’t that kind of weaken the ability to have a real discussion? Absolutely. There’s a chilling effect. One of our commissioners, Brooksley Born, she’s the classic case. Brooksley Born was appointed by [President Bill] Clinton in 1996 to head the Commodity Futures Trading Commission. She was one of our 10 commissioners. From 1994 to 1996 or 1997, there were a series of scandals involving the highly risky use of the over-the-counter derivatives; these are the ones not traded on the Chicago Board of Trade and the commodity exchanges. There was a big scandal at Procter & Gamble with Sumitomo Bank. So Brooksley Born, as chair of that commission, stepped forth and said, “I think we ought to discuss whether these over-the-counter derivatives”—which ultimately grew to this multitrillion-dollar industry by the time of the crisis—“should be regulated.” She put out a concept paper to discuss it. Well, she was immediately shut down by the powers that be. It was [former Chairman of the Federal Reserve] Alan Greenspan, it was [former Secretary of Treasury] Robert Rubin, it was [former Securities and Exchange Commission Chairman] Arthur Levitt, it was [former Secretary of Treasury] Larry Summers and it was the financial industry. And they essentially put a stop, they went to Congress and said that Congress ought to adopt a moratorium on any regulation—and then two years later, they got a complete ban on regulation. So this is an example where someone stood up, said the right thing and was put down for it. But this should be a constant source of concern, because also more and more power is concentrated in fewer and fewer banks. Between 1990 and 2005, I believe the top 10 banks in the country, their share of assets grew from 25 percent to 55 percent. After the crisis now, we have fewer big banks, because Lehman [Brothers] went under, Bear Sterns went under, Merrill Lynch merged with Bank of America. The concentration of power by fewer banks is even greater today.[...]" http://www.newsreview.com/sacramento...nt?oid=1923599 Bottom line: never trust any content out of Sacramento, as it is a hotbed of Liberal/Democrat/Marxist/Socialists who have brought California to the brink of bankruptcy. |
#5
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On 03/05/2011 06:50 AM, dxAce wrote:
Bottom line: never trust any content out of Sacramento, as it is a hotbed of Liberal/Democrat/Marxist/Socialists who have brought California to the brink of bankruptcy. We're always on the brink of something. At least we have nice weather. |
#6
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![]() dave wrote: On 03/05/2011 06:50 AM, dxAce wrote: Bottom line: never trust any content out of Sacramento, as it is a hotbed of Liberal/Democrat/Marxist/Socialists who have brought California to the brink of bankruptcy. We're always on the brink of something. At least we have nice weather. We have nice weather here as well. Unfortunately it's cold nice weather! But, the hummingbirds will return in the next 6 to 7 weeks, as will the summertime static :-( |
#7
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On 03/06/2011 06:35 AM, dxAce wrote:
dave wrote: On 03/05/2011 06:50 AM, dxAce wrote: Bottom line: never trust any content out of Sacramento, as it is a hotbed of Liberal/Democrat/Marxist/Socialists who have brought California to the brink of bankruptcy. We're always on the brink of something. At least we have nice weather. We have nice weather here as well. Unfortunately it's cold nice weather! But, the hummingbirds will return in the next 6 to 7 weeks, as will the summertime static :-( We have hummingbirds now. |
#8
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On Mar 5, 8:41*am, dave wrote:
On 03/04/2011 05:55 PM, Chas. Chan wrote: Fannie Mae is a loan guarantor. She doesn't make loans. Man, you are the biggest moron that graduated from a California public school. I never graduated. Did you tell your mommy? |
#9
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On Mar 4, 5:21Â*pm, dave wrote:
?baMa? Tse Dung wrote: Separating economic myth from economic fact Myth 1: The government-sponsored housing finance companies Fannie Mae and Freddie Mac had nothing to do with the housing crisis. They were simply innocent bystanders caught in the crossfire. Economist and New York Times columnist Paul Krugman, for instance, has argued that Fannie and Freddie s role in the housing market was insignificant between 2004 and 2006 because they pulled back sharply after 2003, just when housing really got crazy. According to Krugman, Fannie and Freddie largely faded from the scene during the height of the housing bubble. Fact 1: Fannie and Freddie contributed to the housing crisis by making it easier for more people to take out loans for houses they could not afford. Beginning in 2000, Fannie and Freddie took on loans with low FICO scores, loans with low down payments, and loans with little or no documentation. Fannie Mae is a loan guarantor. She doesn't make loans. Investment banks crashed the economy. Blame it on Phil Gramm and Bill Clinton, and "W" for looking the other way. |
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