[paraclete]

WG, Now it is the capitalist dream to have the opportunity to do this, but it is an illusion, a capitalist illusion, a few achieve it but the majority don't. The world is full of people following the dream, a dream sold by dream merchants,

[jlisenbe]

a few achieve it but the majority don't.

A completely, wildly, foolishly inaccurate statement.

My husband and I have worked hard all our lives and have a 1920s paid-off 20'x40' one-story two-bedroom house to show for it. Now, tell me about your riches.

Which puts you in the top 10% of the world's population. Congratulations. And of course when it suits you, you drop back into your "modest income WG" description rather than mentioning having just inherited a large sum of money a couple of years ago.

[tomder55]

il duce creates crisis and then takes credit solving them . In the case of the 2008 ,he brushes off his contribution to the crisis when as HUD director under Bubba .he laid out the framework for the housing crisis by instructing Fannie and Freddie to increase sales of sub prime loan packages to low income communities by 50 percent .

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.
Andrew Cuomo and Fannie and Freddie | The Village Voice

Then he reduced HUD's oversight over how those increases were met . Banks almost has no choice but to play the game . Yes the rating agencies played their part . But so did many politicians on both sides of the aisle. Bush touted the number of new minority owners of homes as did Barney Frank and Senator Chris Dodd (then both got their names on the subsequent reform legislation ) . il duce after his disastrous stint at HUD became NY AG where he got on his white horse and doggedly investigated the banking and mortgage industries involved in the crisis that he helped create . Being NY AG is a stepping stone to becoming Guv . That was especially true in il duce's case where NY power makers Harold Ickes and Tom Downy both had their beak in the troth . Ickes was chairman of the Freddie board. Downy worked as a lobbyist for Fannie.

NY's Cuomo Is 'Father of Subprime Crisis:' Bove (cnbc.com)

Why Did the Financial Crisis Inquiry Commission Let Andrew Cuomo Off the Hook? | Fox News

il duce's career to date was to instigating crisis and then take credit for cleaning it up. Until the nursing home gaffe and now his sexual predatory behavior ,he had gotten away with it . He campaigned as a reformer and set up the Moreland Commission to weed out corruption in NY . When the investigators got to close to him and his gumbas , he disbanded the commission . Before covid he was shutting down hospitals and letting NY PPE and ventilator supply dwindle (20,000 hospital beds less under his tenure ). Then he went crying to Trump to bail out the state .

Sorry for the tangent . Just saying il duce is a disaster wherever he has held office . And his tenure at HUD was no different .

[paraclete]

a few achieve it but the majority don't.


A completely, wildly, foolishly inaccurate statement.

No so, maybe as it is said 10% of the world population achieve this but they are in the US, Australia, maybe Europe and so the few is accurate when you take the whole of humanity into account, not just the privileged few

[tomder55]

CRA, yeah that too . I had forgotten the emperor's role as an ACORN community activist pressuring banks to give bad mortgage loans to minorities . He sued banks to rubberstamp mortgages .In the aftermath ,many of the homeowners lost their homes. Bubba'a AG Janet Reno and her aide Eric Holder filed a mortgage discrimination case against a Washington bank that forced it to target minority neighborhoods for subprime loans.Reno and Holder also encouraged civil-rights lawyers like the emperor to file local lending bias cases against banks.

He sued Citi on behalf of several Chicago minorities who claimed they were rejected for home loans because of the color of their skin. But the record shows a different story . One of his clients had "inadequate collateral" and "an incomplete application," while another had "delinquent credit obligations and other adverse credit history." (,The Great American Bank Robbery' Paul Sperry) .

The emperor argued that 'neutral' criteria adversely impacted his clients as a class of people. Citibank settled despite the emperor's weak argument . They paid $1.4 million and launched a program to boost home lending to poor blacks in Chi-town. Citibank underwrote thousands of shaky subprime mortgages to satisfy the court Defaults were common. When home prices collapsed, most of the loans went bust. Blacks were hit hardest by the financial collapse . The emperor made $23,000 for his effort ;and it propelled his political career .

These days the emperor talks of greedy ;predatory practices tricking minorities . But back then he was all in favor of the practices and encouraged them . And as President he was again pushing banks to make risky loans
Risky Federal Home Loans: What Could Go Wrong? | Citizens Against Government Waste (cagw.org)

[jlisenbe]

maybe as it is said 10% of the world population achieve this but they are in the US, Australia, maybe Europe.

That's kind of the whole point. Show me the person in the U.S. who worked hard, made good decisions, and yet did not become financially successful. They are difficult to find. It is the glory of the capitalist system, and it's the greatest benefit to poor people you can imagine. It's why we need a wall at our southern border. They illegals understand all too well the truth of what WG wants to deny.

[paraclete]

That's kind of the whole point. Show me the person in the U.S. who worked hard, made good decisions, and yet did not become financially successful. They are difficult to find. It is the glory of the capitalist system, and it's the greatest benefit to poor people you can imagine. It's why we need a wall at our southern border. They illegals understand all too well the truth of what WG wants to deny.

It is not the glory, the CCP can point to bringing more people out of poverty than the american capitalist system ever did. I know the chinese have given up something to achieve this. You need a wall on your southern border to support the bankrupt capitalist system in your country, you are just taking a leaf out of the CCP playbook and investing in massive infrastructure

[jlisenbe]

It is not the glory, the CCP can point to bringing more people out of poverty than the american capitalist system ever did.

Data?

You need a wall on your southern border to support the bankrupt capitalist system in your country,

We need a wall on our southern border to keep out the flood of people who are wanting to leave socialist Central America to come to capitalist America. The CCP is bringing people out of poverty by employing elements of (cymbal crash) CAPITALISM! Why didn't you point to the great economic successes of the socialist countries of the former Soviet bloc group, or of the many socialist countries of Africa and South America? Is it because there aren't any such examples?

[Athos]

Why Did the Financial Crisis Inquiry Commission Let Andrew Cuomo Off the Hook? | Fox News

I saw the FOX-NEWS link and I lost interest. They have a well-deserved reputation of delivering totally false information - especially Hannity and Carlson (Ingraham, too).

They have become nothing more than a mouthpiece for the great liar Trump. Fox latest Trump coverage was Trump claiming the Jan 6 insurrection posed "zero threat" and the rioters were "hugging and kissing" the capitol police.

Anybody still supporting Trump has a screw loose.

[Wondergirl]

you drop back into your "modest income WG" description rather than mentioning having just inherited a large sum of money a couple of years ago.

Two people I loved with all my heart had to die. Screw the inheritance; give me back my mother and son.

[tomder55]

I saw the FOX-NEWS link and I lost interest. They have a well-deserved reputation of delivering totally false information - especially Hannity and Carlson (Ingraham, too).

Your commentary on Fox is boring . YAWN !!!

You did not bother reading Village Voice or cNBC links (hardly conservative leaning ) . Interesting . Maybe you will learn something .

[jlisenbe]

Two people I loved with all my heart had to die. Screw the inheritance; give me back my mother and son.

I know the feeling. I'd rather have my parents back than have the inheritance, but that doesn't change the fact that you and I both benefitted. We are not poor.

[Wondergirl]

Your commentary on Fox is boring . YAWN !!!

You did not bother reading Village Voice or cNBC links (hardly conservative leaning ) . Interesting . Maybe you will learn something .

Here's a take on that:

https://www.chicagotribune.com/colum...o7u-story.html

[tomder55]

who cares ? I maybe watch Fox for an hour during it's news segment . I don't care about their commentators .Nor do I think about them . I don't listen to their radio shows either . I use a variety of sources . So to attack the premise because there was a Fox link is super weak especially when 2/3 of the collaborative links I gave came from left sources . The reason I linked to the Village Voice was because of the author who is an excellent non-partisan muckraker . Just like Matt Taiibi is . The reason I linked to cNBC was because they are a good source for financial news . Occasionally I link to Fox because the rest of the press suppresses news they don't like .

[Athos]

Here's a take on that:

https://www.chicagotribune.com/colum...o7u-story.html

Hilarious column - the rightists will read a sentence or two - get it - and go someplace else.

[Athos]

who cares ? I maybe watch Fox for an hour during it's news segment

Irrelevant. You gave a Fox News source.

2/3 of the collaborative links I gave came from left sources . The reason I linked to the Village Voice was because of the author who is an excellent non-partisan muckraker . Just like Matt Taiibi is . The reason I linked to cNBC was because they are a good source for financial news .

I don't dispute the value of those sources and I agree they are good sources. However, that does not mean I agree with everything they write, and in this case, I disagree. HUD had, at best, a minor role in the Great Recession. There were not the only one to write sub-prime loans AT THE DIRECTION OF THE INVESTMENT BANKS.

The real culprits were the collusive tactics between those Wall Street banks and the ratings agencies. No economist denies that role in the crisis. The Obama administration fined Goldman less than a single day's profits. What a joke! The ratings agencies used the First Amendment as a defense claiming their rating AAA for toxic securities was an OPINION - protected speech. Holder bought that. A bigger joke!

That's another example why Citizens United is such a disaster. The great vampire squid reaches its tentacles into all of politics dangling its filthy lucre.

[jlisenbe]

Irrelevant. You gave a Fox News source.

Right, but not in the way you think. Fox being the source is completely irrelevant.

[tomder55]

There were not the only one to write sub-prime loans AT THE DIRECTION OF THE INVESTMENT BANKS.

Like Citi and the other investment banks that were coerced by community organizers like the emperor and the Bubba and Bush administrations .... and Barney's Frank ?
Hey, Barney Frank: The Government Did Cause the Housing Crisis - The Atlantic
There is no doubt that the PRIMARY cause was the unintended consequences of good intentions .....a problem the Dems frequently cause .

At first Fannie and Freddie resisted . But then Bubba instructed them to increase their issuing risky mortgages . 'Bubba 1994 "I am committed to a new and unprecedented partnership between industry leaders and community leaders and government to recommit our nation to the idea of homeownership and to create more homeowners than ever before." When the Repubs took control of Congress .Bubba with Frank , Dodd and Maxine Waters did an end around recruiting il duce to have the GSEs invest in bad loans . il duce said "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities and families living in underserved areas."

In Sept 2003 Bush Treasury Sec John Snow testified to Congress that Congress should enact "legislation to create a new federal agency to regulate and supervise the financial activities of our housing-related government-sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements. Barney's Frank poopooed his suggestion saying he did not believe there was any crisis.
So who got the most $$$ in campaign contributions from Fannie and Freddie ?
Sen Chris Dodd ... $165 ,000
Barney's Frank ... $42,350
Senator Obama ... $126,349

[Athos]

Like Citi and the other investment banks that were coerced by community organizers like the emperor and the Bubba and Bush administrations .... and Barney's Frank ?
Hey, Barney Frank: The Government Did Cause the Housing Crisis - The Atlantic
There is no doubt that the PRIMARY cause was the unintended consequences of good intentions ..

Absolutely incorrect. The above had nothing to do with the securities being peddled by the investment banks. The investment banks are only marginally involved with HUD, and Bush/Clinton administrations have hardly coerced those banks - it's the other way around re coercing.

The PRIMARY cause was what I have said it was - selling toxic securities. No legitimate economist has ever doubted that.

Bubba instructed ("instructed"?) them to increase their issuing risky mortgages . 'Bubba 1994 "I am committed to a new and unprecedented partnership between industry leaders and community leaders and government to recommit our nation to the idea of homeownership and to create more homeowners than ever before."

This had been the program since the 1970s (CRA). Promorting it in 1994 hardly explains the Great Recession which occurred 14 years later!! Not being the actual cause of the crisis, these mortgages would have been simply mortgages - some good, some bad. No crisis.

"GSE presence in the subprime market could be of significant benefit to lower-income families, minorities and families living in underserved areas."

I agree with that. You may not.

In Sept 2003 Bush Treasury Sec John Snow testified to Congress that Congress should enact "legislation to create a new federal agency to regulate and supervise the financial activities of our housing-related government-sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

No argument with that suggestion.

Barney's Frank poopooed his suggestion saying he did not believe there was any crisis.

He was right. There was no crisis in 2003.

So who got the most $$$ in campaign contributions from Fannie and Freddie ?
Sen Chris Dodd ... $165 ,000
Barney's Frank ... $42,350
Senator Obama ... $126,349

Then lobby to eliminate Citizens United.

[tomder55]

A GSE giving campaign contributions . No conflict of interest there . Same thing with teacher's unions giving campaign contributions .