Government didn't make banks do anything.They found a great way to increase profits through fees, and didn't care who they charged, or how they charged.

The more loans they processed, the faster they could bundle them and resell them. Don't blame government for corporate greed. They were allowed to take the money and run. Then they took the money and ran some more and are still fat and happy from their gluttony.

So much for less regulation, and low taxes.

Quote:

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Originally Posted by tomder55

Government regulators forced private lending institutions to play the game.

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Hello again, tom:

Yeah, I've heard this bit of right wing lore before... Old homosexual, Barney Frank MADE the banks lose all their money... Bwa, ha ha ha.

You know, if I was a bank, and got an order to LOSE everything... I would have just CLOSED up so I could SAVE some of the money... You're telling us that instead of doing that, the bankers ALL ran off the cliff...

Somehow, I don't believe that...

excon

His homosexuality had nothing to do with his failed agenda . After all ;his cohort Chris Dodd is straight as an arrow... a criminal ,but straight nonetheless.

But since you bring him up... Here is a refresher .
Barney Frank in 2005: What Housing Bubble? - YouTube

Blame Barney,Chris, or Barack! The money went somewhere, so lets see who has the loot, and who holds the empty bag!

Its safe to say that the guys sitting on TRILLIONS hollering for more are the ones who are greedy. Just logical. American Exceptionalism has been replaced by corporate GREED!

You would think the rest of us would be tired of holding those empty bags by now. Hmm, what's in your bag Tom??

My bag have already been picked by Uncle Sam and Andy . My property taxes is a 2nd mortgage on my home ;and I pay sales taxes to 3 different taxing authorities. The little bit I have squirelled away I did by denying myself the things that people consider necessities today.

So making the same bureaucracies that failed to prevent that crisis even bigger and more unaccountable is the solution to preventing another catastrophe.

That's like giving an alcoholic the key to your liquor cabinet.

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Originally Posted by speechlesstx

That's like giving an alcoholic the key to your liquor cabinet.

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Hello again, Steve:

Yet, you want to give the banks that same key? Talk about INCONSISTENCY!

excon

Quote:

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Originally Posted by excon

Hello again, Steve:

Yet, you wanna give the banks that same key? Talk about INCONSISTENCY!

excon

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It would be if that were my position but it isn't so it's nothing like that.

You keep playing this all or nothing game that has nothing to do with the reality of my beliefs. And like all libs you think trying to scale back government in any way, or say in this case making unelected bureaucrats accountable to someone, means we want uncontrolled, unregulated chaos.

Is there no in-between with you?

Quote:

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Originally Posted by speechlesstx

And like all libs you think trying to scale back government in any way, or say in this case making unelected bureaucrats accountable to someone, means we want uncontrolled, unregulated chaos.

Is there no in-between with you?

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Hello again, Steve:

Sure, there's some in-between. Here's some now.

I'd be HAPPY to make cuts to medicare and social security, if you'd pair down the unbelievably HUGE side of government that YOU like. I'm talking about defense, the DEA, the NSA, and the prison industrial complex, amongst others... You know, the COP side of government..

If we did that, we wouldn't have to raise taxes on ANYBODY... Is that in between enough for you, or do you want it all YOUR WAY? Never mind. I KNOW the answer.

Is there no in between with you?

excon

Quote:

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Originally Posted by talaniman

Blame Barney,Chris, or Barack! The money went somewhere, so lets see who has the loot, and who holds the empty bag!

Its safe to say that the guys sitting on TRILLIONS hollering for more are the ones who are greedy. Just logical. American Exceptionalism has been replaced by corporate GREED!!

You would think the rest of us would be tired of holding those empty bags by now. Hmm, whats in your bag Tom????

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No mortgage lender had a more malign influence than Countrywide which bought itself political clout by giving cheap loans to important political and industry officials.Countrywide developed a special relationship with Fannie Mae and used preferential loans to win political influence through it's "VIP Program" ,which offered mortgages at special terms.

Countrywide's VIP loan unit made hundreds of loans to current and former Members of Congress, congressional staff, high-ranking government officials, and executives and employees of Fannie Mae, including Chairman Jim Johnson, Franklin Raines, and Daniel Mudd.

A dozen legislators and staffers received loans... including Sen. Christopher Dodd ,former chairman of the Senate Finance Committee(aka the "Senator from Countrywide"); Sen. Kent Conrad ,chairman of the Senate Budget Committee; and Rep. Edolphus Towns former chairman of the House Oversight and Government Reform Committee.

Countrywide ;and the two GSA s Fannie and Freddie resisted reform for years while the bubble grew larger . They were bolstered by the interference that Dodd ;Frank and their ilk ran for them in the halls of Congress.

So how were they rewarded ? With censure ? Expulsion ? A frog march out ? No .The 2 of them were given the power to write the reform legislation for the financial industry . Yeah I'm sure there was no influeunce peddling in those negotiations!

Quote:

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Originally Posted by excon

Hello again, Steve:

Sure, there's some in-between. Here's some now.

I'd be HAPPY to make cuts to medicare and social security, if you'd pair down the unbelievably HUGE side of government that YOU like. I'm talking about defense, the DEA, the NSA, and the prison industrial complex, amongst others... You know, the COP side of government..

If we did that, we wouldn't have to raise taxes on ANYBODY... Is that in between enough for you, or do you want it all YOUR WAY? Never mind. I KNOW the answer.

Is there no in between with you?

excon

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That's hard to say since you keep basing your answers on an assumptions.

Quote:

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Originally Posted by tomder55

No mortgage lender had a more malign influence than Countrywide which bought itself political clout by giving cheap loans to important political and industry officials.Countrywide developed a special relationship with Fannie Mae and used preferential loans to win political influence through it's "VIP Program" ,which offered mortgages at special terms.

Countrywide's VIP loan unit made hundreds of loans to current and former Members of Congress, congressional staff, high-ranking government officials, and executives and employees of Fannie Mae, including Chairman Jim Johnson, Franklin Raines, and Daniel Mudd.

A dozen legislators and staffers received loans....including Sen. Christopher Dodd ,former chairman of the Senate Finance Committee(aka the "Senator from Countrywide"); Sen. Kent Conrad ,chairman of the Senate Budget Committee; and Rep. Edolphus Towns former chairman of the House Oversight and Government Reform Committee.

Countrywide ;and the two GSA s Fannie and Freddie resisted reform for years while the bubble grew larger . They were bolstered by the interference that Dodd ;Frank and their ilk ran for them in the halls of Congress.

So how were they rewarded ? With censure ? Expulsion ? A frog march out ? No .The 2 of them were given the power to write the reform legislation for the finacial industry . Yeah I'm sure there was no influeunce peddling in those negotiations !!

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I am sure there was, and this election cycle has shown it has grown quite a bit.

Quote:

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Originally Posted by talaniman

I am sure there was, and this election cycle has shown it has grown quite a bit.

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Yes because they cling to this 'too big to fail ' notion ;and set up regulations designed to concentrate the market into fewer hands . That is the Dodd and Frank legacy.

That seems to be the general theme in the economy. Concentrating all the wealth in fewer hands. Austerity for the less than rich, and no taxes from the wealthy who don't invest. Hoarding would be a more apt description of what the economy is going through.

Greed and reckless behavior tanked the economy, and it was not punished, so it just got worse. To be exceptional we have to do exceptional things and hoarding is not the path to exceptionalism. Hell trickle down without a trickle is just DOWN.

Not only is the Congress in need of punishment, so are the ones they aided, and abetted. Not class war fare, RESTITUTION. The rich who have done very well through a sluggish time should put something back in the empty bags they left us holding, not be rewarded by being given even more.

You can't really punish people and businesses who's only crime was to follow the laws that the lawmakers created . The evidence is clear. The government ;through a top down command style ,created the policy ,and directed the financial institutions to abandon sound lending practices to achieve the policy.

My take is different, they relaxed laws and regulations that prevented bad behavior and the banks took advantage of the relaxed laws and ran with it. So much for scouts honor. Legal is no excuse for bad behavior. Especially since it's the banks who pushed for this relaxing of the law. Started decades ago culminating in the repeal of Glass Steagall. About the same time that big oil was writing there own regulations.

Are these isolated incidents? Hell no, its big money writing their own rules. They made extraction legal. They may have escaped jail, or criminal actions but not the people taking back their authority, duly given in the Constitution. The power of the vote.

Quote:

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Originally Posted by tomder55

The government ;through a top down command style ,created the policy ,and directed the finacial institutions to abandon sound lending practices to acheive the policy.

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Hello again, tom:

This is the part I don't get... You SAY the banks all threw themselves on their swords, because the mean old government, like Barney Frank, TOLD them to... so, they DID!!

That confuses me.. You see, I'M in business... IF my government ORDERED me to DO things that would END my business, I actually WOULDN'T do them.. Nope. I'd CLOSE up, and keep what assets I had..

What YOU want us to believe, is that bankers, when faced with that very same decision, RAN OFF THE CLIFF instead of saving themselves..

Nahhh... It didn't happen. Only in right wing revisionism, did it happen... Oy vey..

excon

Were they ordered to relax lending requirements yes or no... answer yes . Did that result in a market bubble ? Yes . Is Holder again putting the pressure on banks to relax lending requirements ? Yes.

Quote:

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Originally Posted by tomder55

were they ordered to relax lending requirements yes or no ...answer yes .

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Hello again, tom:

The answer is No. They were ordered to lend to QUALIFIED people in neighborhoods which the banks had previously REFUSED to do.

Now, it appears the banks INTERPRETED that as YOU did, so they sought out every black crack dealer they could find and MADE them take loans.. They'll SHOW the government...

And, you expect us to BELIEVE that cockamamie crap?

excon

Quote:

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Originally Posted by tomder55

were they ordered to relax lending requirements yes or no ...answer yes . Did that result in a market bubble ? Yes . Is Holder again putting the pressure on banks to relax lending requirements ? yes.

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Pressured yes, ordered NO!

We agree on the bubble, the banks got greedy though and that's what started the bubble.

Need a link for that Holder thing, but I do know that DOJ, and state prosecutors are hot on the BANKS butt for fraudulent practices.

http://readersupportednews.org/opini...ll-street-scam

http://finance.yahoo.com/blogs/daily...172854994.html

Were you referring to the lending to local, and community banks, by the big banks?

http://www.forbes.com/sites/caroltic...usiness-loans/