Explaining the subprime mess

[PROBASCO]

http://www.businesspundit.com/sub-prime/

[ltorlo64]

Except for the part with the picture of Sen. McCain it was pretty good. It would have been more accurate to use a picture of Rep. Barney Frank. He was the guy that told Pres. Bush that he was out of his mind to be concerned about the housing market and the subprime business.

[O.S.O.K.]

Fuck you, fuck you too :lool:

That was good - thanks for posting it.

[Warthogg]

Except for the part with the picture of Sen. McCain it was pretty good. It would have been more accurate to use a picture of Rep. Barney Frank. He was the guy that told Pres. Bush that he was out of his mind to be concerned about the housing market and the subprime business.

Fuck mccain.


Wart

[Warthogg]

Rating agencies......for two court-side seats to a Laker's game those ass wipes would rate a week old fish AAA.

All you dubya bush fans might remember it was dubya who bailed everyone out. Except the US taxpayer of course.



Wart

[ltorlo64]

Fuck mccain.


Wart

It is not about defending McCain, it is about reporting or pointing the finger in the right direction. McCain was stupid, but Barney Frank is culpible.

[tank_monkey]

Rating agencies......for two court-side seats to a Laker's game those ass wipes would rate a week old fish AAA.

All you dubya bush fans might remember it was dubya who bailed everyone out. Except the US taxpayer of course.



Wart

Even conservatives (well the Non-stupid ones) admit that Bush had to do something to keep the entire banking system from collapsing. And how does one bail out the U.S. Taxpayer? Give us ALL a massive check? The math doesn't work out. Ridiculously simplistic answers sounds more like the way the LIBERALS talk ......

[Oswald Bastable]

Even conservatives (well the Non-stupid ones) admit that Bush had to do something to keep the entire banking system from collapsing. And how does one bail out the U.S. Taxpayer? Give us ALL a massive check? The math doesn't work out. Ridiculously simplistic answers sounds more like the way the LIBERALS talk ......

Well, we are talking about Wart here...and ridiculously simplistic does indeed seem to describe the subject...

[coppertales]

is simply giving money to people, aka dimokrat voters, that do not come close to having the ability to pay it back. I, on the other hand, have been turned down for a loan because I have too much money........chris3

[Warthogg]

Even conservatives (well the Non-stupid ones) admit that Bush had to do something to keep the entire banking system from collapsing. And how does one bail out the U.S. Taxpayer? Give us ALL a massive check? The math doesn't work out..


Ridiculously simplistic answers sounds more like the way the LIBERALS talk

I agree. Your response is ridiculously simplistic. Happy now ??


Wart

[Warthogg]

Even conservatives (well the Non-stupid ones) admit that Bush had to do something to keep the entire banking system from collapsing.

And you know that 'how' ??

You don't have a clue.


Wart

[mriddick]

I have wondered if they could they have done a bank holiday (Emergency Banking Act), audited all the banks letting those that should of failed fail and certifying those in good shape as being OK. Then using FDIC money to pay off the depositors from the failed banks? I bet in the long run it would of been much cheaper to pay off depositors directly then the bank bailout we got.

[Warthogg]

For all you Dubya Bush lovers let us have a quick look:

Thousands of America's best killed in a senseless war in Iraq.
Bailed out GM and Chrysler
Made GMAC a bank so they could screw the taxpayer one Sunday night when he was bored
Bailed out the autoworkers union
Bailed out the insurance industry
Bailed out the largest banks in the WORLD not just in the US
Bailed out Wall Street
TARP....to buy 'toxic' mortgages from banks. Last numbers i saw 14 mortgages had been purchased .


Wart

[mriddick]

I think it's foolish to claim he did those things all by himself, afterall the obama had been elected and the GWB admin wasn't doing anything without approval from the incoming President's team. Not to mention saying things he did because he was bored just makes you sound like silly at best, simple at worse (you're getting alot of simple lately).

And this is coming from a guy who wouldn't vote McCain over his support of TARP, so on the whole bailout mess I was to the right of probably 99% of this board...

[Warthogg]

Well, we are talking about Wart here...and ridiculously simplistic does indeed seem to describe the subject...


Explaining the subprime mess


The above is the subject. Only a fool such as yourself oswald would consider that subject "simplistic'.


Wart

[Warthogg]

I think it's foolish to claim he did those things all by himself, afterall the obama had been elected and the GWB admin wasn't doing anything without approval from the incoming President's team. Not to mention saying things he did because he was bored just makes you sound like silly at best, simple at worse (you're getting alot of simple lately).

And this is coming from a guy who wouldn't vote McCain over his support of TARP, so on the whole bailout mess I was to the right of probably 99% of this board...

I've read your lame response. You say nothing.

Generally I try to be polite when I respond to your "don't have a clue posts'. I'll stop.


Wart

[Warthogg]

I think it's foolish to claim he did those things all by himself, afterall the obama had been elected and the GWB admin wasn't doing anything without approval from the incoming President's team.


News flash for you riddick. The president is POTUS. We only have one at the time.

Tough concept for you to comprehend as evidenced by your dumb post above.


Wart

[Oswald Bastable]

The above is the subject. Only a fool such as yourself oswald would consider that subject "simplistic'.


Wart

Read the sentence again. It has both a subject and a predicate. Given your inability to parse a simple sentence whose subject is clearly stated, I stand by that statement.

[mriddick]

Generally I try to be polite when I respond to your "don't have a clue posts'. I'll stop.


Wart

One post later you're not stopping....



News flash for you riddick. The president is POTUS. We only have one at the time.

Tough concept for you to comprehend as evidenced by your dumb post above.


Wart

Shall we add liar to simpleton? LOL You are such fun, I get a real chuckle out some of your posts... I can only imagine how seriously you take yourself at times.

[Warthogg]

oswald, when u and riddick get a room let me know.


Wart

[Warthogg]

I think it's foolish to claim he did those things all by himself.....

Other than you who made that claim ?? I only claim dubya bush was POTUS when those things happened.


Wart

[5.56NATO]

Even conservatives (well the Non-stupid ones) admit that Bush had to do something to keep the entire banking system from collapsing. And how does one bail out the U.S. Taxpayer? Give us ALL a massive check? The math doesn't work out. Ridiculously simplistic answers sounds more like the way the LIBERALS talk ......

I feel we would be better off if the w regime had not bailed anyone out. The fall next time will be much the worse for it.

[mriddick]

Other than you who made that claim ?? I only claim dubya bush was POTUS when those things happened.


Wart
Granted the sentence structure in your post was pretty much nonexistent (your use of a singular pronoun mixed in with plural suggests both singular blame and group) but I think 4 out of 5 rational people would take your post as blaming the Bush admin for those bailouts (using rational as the test might be throwing you off :) ). Of course if that was not the case and you meant to spread the blame out alittle amongst all those in Washington (which was pretty much my stance as well) then why argue the point. I’m not the most educated guy around but normally I get the point of a post, and I truly don’t think I was that far off on this one as well.

I didn't support the bailout one bit, even to the point of not voting for a President in 08 since at that point the differences between obama and McCain was so slight it wouldn't matter on 90% of the issues. You clearly had no issue voting for a guy supporting the very things you're trying to deride others over so again I don't get the point. Maybe it's best to look inward and figure out how you could swing a lever for a guy supportive of TARP, illegals, ending private transfers of firearms and compromise in a multitude of issues before throwing stones at others.

[Warthogg]

Granted the sentence structure in your post was pretty much nonexistent (your use of a singular pronoun mixed in with plural suggests both singular blame and group) but I think 4 out of 5 rational people would take your post as blaming the Bush admin for those bailouts (using rational as the test might be throwing you off :) ). Of course if that was not the case and you meant to spread the blame out alittle amongst all those in Washington (which was pretty much my stance as well) then why argue the point. I’m not the most educated guy around but normally I get the point of a post, and I truly don’t think I was that far off on this one as well.

I didn't support the bailout one bit, even to the point of not voting for a President in 08 since at that point the differences between obama and McCain was so slight it wouldn't matter on 90% of the issues. You clearly had no issue voting for a guy supporting the very things you're trying to deride others over so again I don't get the point. Maybe it's best to look inward and figure out how you could swing a lever for a guy supportive of TARP, illegals, ending private transfers of firearms and compromise in a multitude of issues before throwing stones at others.

I would expect 5 of 5 as blaming the administration in power - the dubya bush administration - was certainly my intent.

Without dubya bush help GMAC and Chrysler would have been forced into bankruptcy. There the UAW could have been handed their ass and much of the preferred shareholders investment saved. A quiet area of our judicial system but Federal Bankruptcy Judges have immense power and discretion and are virtually never over turned.

Even glenn beck agrees bush is a progressive.


Fox News host Glenn Beck offered a convenient explanation on his radio show today — Bush is a “progressive,” just like Obama:
http://thinkprogress.org/politics/2010/04/26/93615/beck-obama-bush/



Wart

[mriddick]

I guess the difference is you want to stop at those in one administration while I blame everyone who supported the TARP at the time. R, D, liberal, conservative it really didn't matter to me, if they were lending vocal support for TARP I believe they were part of the push to pass it.

[(AK)1000shots]

It's not just one president that did this crap. It's a culmination of years of idiocy. Anyone remember Bill Clinton? He pushed for "every American to own a house" regardless of fiscal viability. Then W came along, and just buried his head in the sand (no pun intended) while the shitstorm raged on. Now we've got Obama, who has absolutely no idea how to fix it, so he does what presidents of the past have done: Throw money at the problem and hope it goes away, at least for 8 years.

This issue has been coming for twenty years. Clinton pushed into law that banks pretty much had to offer home loans to everyone. W rolled back the already extremely lax regulations. Obama figured the best way to fix it, is to spend billions of dollars.

You can blame Democrats AND Republicans for the mess. They blame eachother, but they're both equally at fault. And both equally assholes.

[Joey]

It's not just one president that did this crap. It's a culmination of years of idiocy. Anyone remember Bill Clinton?

Anyone remember Blythe Masters?

http://www.total-banker.com/Images/Blythe_Masters.jpg

She's the Englishwoman who built financial 'weapons of mass destruction.' Masters, with an elite group at JP Morgan, developed many of the credit derivatives intended to remove risk from companies' balance sheets. The banks argued that by trading credit derivatives of the kind pioneered by Masters, they spread the risk elsewhere and therefore needed lower reserves to protect against loan defaults. So she was vital when the sub-prime market took off.

Even now there are 20-something maths wizzkids working in the banking industry doing similar stuff - inventing financial "products" which no one really understands and if they go wrong the state and the taxpayer picks up the tab. If the don't pick of the tab the ATMs stop working.

The answer's obvious. Regulate the banking industry, same as the state regulates a coal mine, a chemical plant, or any other dangerous industry.

But that gives state-hating right-wingers a problem. Private sector entrepreneurs such as Blythe Masters are meant to be the great white hope. If they're subjected to the dead hand of state regulation that's supposed to be very, very bad - communist subversion, nanny state, Soviet Russia etc.

Which is it to be? Regulate La Masters or allow her to continue to blackmail whole nations with state socialism for the rich?

[O.S.O.K.]

No, the answer is not to regulate the industry more, the answer is to not provide taxpayer funded insurance. Let them experiment if they want - if they screw up and hurt investors, they will lose credibility and investors will go elsewhere with their capital.

Caveat emptor.

That's the way a free market works.

Get the government involved too deeply and you get a clusterfuck.

[Joey]

No, the answer is not to regulate the industry more, the answer is to not provide taxpayer funded insurance. Let them experiment if they want - if they screw up and hurt investors, they will lose credibility and investors will go elsewhere with their capital.

Caveat emptor.

That's the way a free market works.

Get the government involved too deeply and you get a clusterfuck.

But if you do that the ATMs stop working. Capitalism at that level can't operate in the free market. The stakes are too high. So you end up with socialism for the rich. They know they won't be allowed to fail and act accordingly.

[mriddick]

I see little problem with FDIC insurance, the problem was they didn't use it instead bailing out the very people who caused the mess to begin with.

[Warthogg]

I guess the difference is you want to stop at those in one administration while I blame everyone who supported the TARP at the time. R, D, liberal, conservative it really didn't matter to me, if they were lending vocal support for TARP I believe they were part of the push to pass it.

Only one person had veto power.

I'm not sure what's so hard to understand. dubya bush is a progressive dirt bag. barry obama is a progressive dirt bag.


Wart

[blacksheep]

For all you Dubya Bush lovers let us have a quick look:

Thousands of America's best killed in a senseless war in Iraq.
Bailed out GM and Chrysler
Made GMAC a bank so they could screw the taxpayer one Sunday night when he was bored
Bailed out the autoworkers union
Bailed out the insurance industry
Bailed out the largest banks in the WORLD not just in the US
Bailed out Wall Street
TARP....to buy 'toxic' mortgages from banks. Last numbers i saw 14 mortgages had been purchased .


Wart

Yes and Obama has no shit on his dick, stop being a partisan douche bag, there is enough blame to go around.

[Warthogg]

But if you do that the ATMs stop working. Capitalism at that level can't operate in the free market. The stakes are too high. So you end up with socialism for the rich. They know they won't be allowed to fail and act accordingly.

Here INSTITUTIONS are protected.........not allowed to fail. The job of the Federal Reserve Bank is to 'bail out' MAJOR failed institutions. (Among other things.)


Wart

[Warthogg]

Yes and Obama has no shit on his dick, stop being a partisan douche bag, there is enough blame to go around.


I am a BI-partisan douche bag !!

From my post just above:



I'm not sure what's so hard to understand. dubya bush is a progressive dirt bag. barry obama is a progressive dirt bag.



Wart

[mriddick]

Only one person had veto power.

I'm not sure what's so hard to understand. dubya bush is a progressive dirt bag. barry obama is a progressive dirt bag.


Wart

Who is claiming GWB is something else? It's like everyone is talking about the subprime mess and you're stuck on GWB being a progressive which few would discount. I'm missing your point I guess.

[blacksheep]

I am a BI-partisan douche bag !!

From my post just above:




Wart

I stand corrected.:duh:

[Warthogg]

Who is claiming GWB is something else? It's like everyone is talking about the subprime mess and you're stuck on GWB being a progressive which few would discount. I'm missing your point I guess.

Don't guess.


Wart

[Warthogg]

I stand corrected.:duh:


:martinismiley: