[tomder55]

I guess walls, fences, and checkpoints, are in order between the states during a pandemic.

If I travel to visit my family in Texas ,Fla S Carolina and return to NY it is the liberal governor who begged the President for a lifetime supply of PPE and a bailout from Congress who would prevent me from going about my business freely in the state I live . You know ;the one who hates Federalism except when he doesn't . The one who made the worse mistakes during the virus crises and now points the finger accused at all the other governors . Y'all better hope he never becomes President because his is a record of failure that dates back to his time at HUD when he set in motion the financial crisis of 2008 .

[paraclete]

If I travel to visit my family in Texas ,Fla S Carolina and return to NY it is the liberal governor who begged the President for a lifetime supply of PPE and a bailout from Congress who would prevent me from going about my business freely in the state I live . You know ;the one who hates Federalism except when he doesn't . The one who made the worse mistakes during the virus crises and now points the finger accused at all the other governors . Y'all better hope he never becomes President because his is a record of failure that dates back to his time at HUD when he set in motion the financial crisis of 2008 .

Different crisis Tom different responses needed and just maybe people learn

[tomder55]

same testa di merda

[paraclete]

same testa di merda

Trump, yes, I agree

[Athos]

Y'all better hope he never becomes President because his is a record of failure that dates back to his time at HUD when he set in motion the financial crisis of 2008 .

I was hoping bizarre statements were a thing of the past on this site. Apparently not. Didn't Cuomo also set in motion the Great Depression?

[paraclete]

I was hoping bizarre statements were a thing of the past on this site. Apparently not. Didn't Cuomo also set in motion the Great Depression?

Which great depression are you speaking of; 80 years ago or the one to come due to Kung Flu set in motion by China

[talaniman]

I was hoping bizarre statements were a thing of the past on this site. Apparently not. Didn't Cuomo also set in motion the Great Depression?

Leave it to conservatives to blame liberals for rich guys greed. They have been trying to shift the blame for the housing market collapse since it started. The flaw in the plan has always been in the banks policy of over pricing and over charging and trying to falsify the paperwork, and other deceptive and exploitive practices. Hud never made those terms mandatory, but banks sure did when they were selling them to other parties, mostly other banks foreign and domestic.

What did the conservatives and banks care about affordable housing, or people sinking all their money into home ownership? NOTHING as long as they got paid, and they certainly did. What do you think happened to all those people caught up in the scandal?

https://en.wikipedia.org/wiki/Subprime_mortgage_crisis

As with most of my links it's important to also review the articles EMBEDDED links for clarity and understanding.

[tomder55]

Didn't Cuomo also set in motion the Great Depression?

NO it was the Great Recession and even ultra -lib Village Voice knows it was his fault . Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded “kickbacks” to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.

There is no denying that it was his and Bubba's policies that created the melt down .

https://www.villagevoice.com/2008/08...e-and-freddie/

If you want someone to share then it was also the emperor as a community organizer who muscled banks into making bad loans .

Before the crisis, Obama pushed thousands of credit-poor blacks into homes they couldn't afford. As a civil-rights attorney, he sued banks to rubberstamp mortgages for urban residents.

https://cei.org/blog/how-acorn-destroyed-housing-market

[Athos]

There is no denying that it was his and Bubba's policies that created the melt down

What a complete load of hogwash, including the two links.

There is one reason, and one reason only, that the crisis occurred. Pay attention.

The Wall Street investment banks packaged toxic loans as securities, paid the credit rating agencies BIG bucks to rate them Triple AAA, and then sold them worldwide as highest rated bonds. When the loans went into default (as the Street knew they would) and stopped paying off, they tainted the entire market, even good securities, and the crisis was on.

AG Eric Holder dropped the ball by fines that were a fraction of the profits earned by the banks. When the credit rating agencies said their ratings were an "opinion" and therefore came under the First Amendment as protected speech, Holder accepted this nonsense and bailed when he should have prosecuted the criminal banks and agencies to the fullest extent.

If you want names to blame, start with Alan Greenspan, a protege of the infamous Ayn Rand, and Lloyd Blankfein, the crooked CEO of Goldman Sachs at the time who gave a bizarre testimony before Congress justifying his firm's criminal actions.

Here's a tip: When you see the Community Reinvestment Act (CRA) noted as a contributor to the crisis, that tells you that the article lacks any credibility. The CRA had NOTHING to do with the crisis, but it became a scapegoat accused by the monied forces to move culpability away from Wall Street.

[tomder55]

You are disputing the yeoman investigative research of the Village Voice ? wow . that is a lib bible . And who permitted the banks to package the loans they were compelled to extend ?

Fannie Mae and Freddie Mac—led the way by loosening their underwriting standards for mortgages purchased from private lenders. Regulators also began seriously using the CRA as leverage to spur mortgage lenders to lower their lending standards. Investors funneled trillions of dollars to Fannie and Freddie enabling trillions of dollars of credit to flow to those with lower credit scores, minimal income documentation, less stable employment scores, and scant down payments. Investors understood that the federal government would ultimately guarantee their investments Fannie and Freddie backed securities in the event borrowers failed to repay.

If it is any consolation to you ,the Bush Administration took the baton from Bubba and began bragging about increased homeownership by the poor ,and doubled down on the program .

And I'll extend the Fed their fair share of the blame . They purchased trillions of dollars of government debt along with mortgage backed securities (MBSs). This $$$ ended up deposited at banks. To prevent the banks from investing this new capital in securities or issuing new loans, the Fed instituted a new policy: interest payments on excess banking reserves were to be deposited with the Federal Reserve. This policy diverted capital from business expansion to the housing sector.

We still have this cancer in the system because the emperor and the Dems blame it on lack of regulation. That is why we have Dodd Frank( named after the 2 legislators who were also complicit in this tragedy ). Frank even admitted to Kudlow it was a mistake .

"I hope by next year we'll have abolished Fannie and Freddie ... it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."

https://www.realclearpolitics.com/ar...ts_106844.html

And we also still have these government housing policies, implemented by Fannie Mae and Freddie Mac . Mortgage standards are still too lax and house prices have again inflated since 2012

Both entities should be disbanded . But if anything, Fannie and Freddie have only gotten bigger . They are the ultimate too big to fail entities that we are stuck with because politicians of both parties are afraid to let the market work .

[tomder55]

AG Eric Holder dropped the ball by fines that were a fraction of the profits earned by the banks. When the credit rating agencies said their ratings were an "opinion" and therefore came under the First Amendment as protected speech, Holder accepted this nonsense and bailed when he should have prosecuted the criminal banks and agencies to the fullest extent.

NY AG il duce tried his hardest to nail the investment banks ...but not really . He was after the money . He hired Howard Glaser ,who was his right hand man at HUD and then assisted il Duce in the investigation while he was at the same time a lobbyist and consultant for the banking industry . At least two of the investigations involved firms that Glaser acknowledge were his clients .Il duce gave immunity to some pretty big players ....no doubt in exchange for contributions to his campaign for Governor war chest . One of them ,Clayton Holdings clients included JP Morgan and Merrill Lynch . They also were a client of Glaser .

https://www.nytimes.com/2008/01/27/b...pagewanted=all

How convenient ! The people most responsible for the mess became the investigators of the mess. il duce won his bid for the governor's office partly by claiming a tough record of going after Wall Street and corporate greed ;and Glazer worked on his staff during the campaign. Then he went on the hold the powerful state position of Director of state operations.
Il duce takes care of his gumbas .

Did you ever hear of the Moreland Commission ? It was the committee that was formed after il duce ran on an anti-corruption campaign. The commission started to get too close to the truth about il duce and his gumbas . So the commission was disbanded by il duce the cabeza de pinga.

[talaniman]

https://time.com/2969865/citigroup-m...is-settlement/

https://www.latimes.com/california/s...budget-lawsuit

https://www.nytimes.com/2017/10/27/b...-mortgage.html

And just to clarify,

https://en.wikipedia.org/wiki/Federa...nd_Freddie_Mac

We're ready for Cuomo in Texas when you are Tom.

[tomder55]

you give me links to settlements Athos already referred to

None of them came from il Duce's investigative efforts .

And so what if Fanny and Freddie were taken over by the government . The mistakes made in the 2000,s are being made today . Except now the government profits . They still back the vast majority of new home loans. Investors continued to buy the mortgage backed securities from Fannie and Freddie, because they are backed by the government.They are still too big to fail .
So when the housing bubble bursts again ,it will be up to the taxpayer to foot the bill......again. The CBO says that eliminating Fanny and Freddie would save money because it would rid the government of its risk.

The fact that they have slipped back to the same bad policies that they had before the crash should concern everyone ,

https://www.wsj.com/articles/fannie-...bt-11557739801

[tomder55]

comments cancelled duplicate

[Athos]

The fact that they have slipped back to the same bad policies that they had before the crash should concern everyone ,

That is the sorry truth. But not for the reasons you think. The person capable of effectively reeling in the investment banks is Elizabeth Warren. Too-big-to-fail is a destructive idea and I would think Repubs would be against that idea.

Secretary of the Treasury Warren would clean up the bad actors in Wall Street by bringing back Glass-Steagal (as originally framed) and rewriting Dodd-Frank.

[tomder55]

Too-big-to-fail is a destructive idea and I would think Repubs would be against that idea.

I don't know about Repubs . Conservative capitalists sure hate the idea.

Glass-Steagal

absolutely reinstate it . The idea of bank profits private but losses socialized is grotesque. Investment banking should be decoupled from savings and loans. Why should investment banks get FDIC protection ? Bottom line I oppose government subsidies and especially in the banking industry . It is not the government responsibility or business deciding which banks live or die. The combining of investment and S&L made banks too big and unfairly stifled competition as the industry consolidated .

Secretary of the Treasury Warren

....would continue the trend of nationalizing banks . In fact she proposed to nationalize EVERY major business in the United States. aka her “Accountable Capitalism Act.” No business with more than $1 billion in revenue would be permitted to legally operate without permission from the federal government. They would have to sign a federal charter of 'corporate citizenship' .A corporation being chartered isn't new . States have the power now ,not the Feds . This would be just one more nail in our federalism (yeah i get it the Dems hate federalism until it suits their purpose .)
The federal government would decide the composition of their boards, the details of internal corporate governance, compensation practices, personnel policies. Corporations would be required to allow their workers to elect 40 percent of the membership of their board of directors.

In short , ACA is based on the Marxist idea of placing the control of all business and industry in the hands of the state. It of course is completely antithetical to what I argued against when I agreed that Glass -Steagal should be reinstated . I DON'T want the government deciding winners and losers in the economy . Warren's ACA would do just that .

[paraclete]

In short , ACA is based on the Marxist idea of placing the control of all business and industry in the hands of the state. It of course is completely antithetical to what I argued against when I agreed that Glass -Steagal should be reinstated . I DON'T want the government deciding winners and losers in the economy . Warren's ACA would do just that .

You just can't keep a good communist down, not even in the USA

[talaniman]

Takes a real capitalist/conservative to spin regulations on capitalism and think its communism, or socialism. The whole notion of capitalism is to big too big to fail.

[paraclete]

Takes a real capitalist/conservative to spin regulations on capitalism and think its communism, or socialism. The whole notion of capitalism is to big too big to fail.

You do remember the GFC how many of those do you have in you right now?

[talaniman]

We've done it many times, before so why would you doubt we won't do it again? And AGAIN? OR AGAIN?