Anyone else celebrating our small success? BAILOUT FAILS IN HOUSE.

TheBrutalTruth

TheBrutalTruth

Well-Known Member
Community Reinvestment Act - Wikipedia, the free encyclopedia

(Was reading the article about it because was going to post a you-tube video that mentions it (doing research instead of taking things at face value) and there was something in it that caught my eye.)

Bank profitability and risk

In a March 1995 hearing on the September, 1994 proposed changes to regulation of the Community Reinvestment Act William A. Niskanen, chair of the Cato Institute criticized the regulations for political favoritism, micromanagement by regulators and ignoring possible bank losses and soundness. He predicted the "primary long term effect" would be to contract the banking system and increase neighborhood dependence on "check cashing outlets and pawnshops." He recommended congress repeal the Act, stating that the 1994 repeal of interstate bank laws would help poor communities receive adequate credit.[18]
 
B

Bongulator

Well-Known Member
There is no single act of deregulation that caused this mess. If you look closely though, the mess really kicked into high gear in 2003. I'm not sure what happened in 2003 that would explain that though. Yes, we invaded Iraq that year, but I don't see a connection. Maybe there is one, but if there is, I don't understand what it is.

The problem, in a sense, began with the Great Depression. After that, lots of regulations were added to be sure a depression didn't happen again. But over the next 70 years, conservatives and free-marketers slowly dismantled our regulatory protections. Maybe there were too many regulations initially; there probably were. We were pretty scared after the Great Depression and probably went overboard on regulation out of sheer paranoia. But the pendulum swung too far the other way, and too many regulations were removed. Not all at once -- it was a slow chipping-away process. Mostly the deregulation occurred under Republican presidents (regulation being against strict free market ideology). But no president and no Congress was innocent. Deregulation happened under Clinton too, as he gave in to Congress in return for things he wanted.

But it was 2003 until this year that the stock market really went crazy and got out of hand with their incomprehensible bundled securities.
 
Roseman

Roseman

Elite Rolling Society
Instead of giving the 700 Billion to the rich fat cats at the banks and mortgage compaines, give it to the borrowers; the homeowners that are struggling to make their house payments. 700 Billion would give every home owner $22,000 each, or every working taxpayer $7,000 each. Now that would help us all!
 
medicineman

medicineman

New Member
Roseman said:
Instead of giving the 700 Billion to the rich fat cats at the banks and mortgage compaines, give it to the borrowers; the homeowners that are struggling to make their house payments. 700 Billion would give every home owner $22,000 each, or every working taxpayer $7,000 each. Now that would help us all!
Click to expand...
I think it's a bit more complicated than that, but in theory, I agree, give it to the borower to catch up on their mortguage.
 
misshestermoffitt

misshestermoffitt

New Member
I'm for your idea Roseman. $22,000 would re-pay us for almost half the Social security funds that have been stolen from us over time.

Fuck those fat cats, they want to stay in biz they can take the cash out of their accounts and put it back into their companies.



Roseman said:
Instead of giving the 700 Billion to the rich fat cats at the banks and mortgage compaines, give it to the borrowers; the homeowners that are struggling to make their house payments. 700 Billion would give every home owner $22,000 each, or every working taxpayer $7,000 each. Now that would help us all!
Click to expand...
 
H

HotNSexyMILF

Well-Known Member
This "improved" bill is even worse than the last one.. ugh...

You guys hear about Wallstreet hiring people to call Congress to say they're for the bailout?.. fucking sickening..
 
B

Bongulator

Well-Known Member
Should've passed the first one. Those extra days of waiting probably cost quite a few people their jobs. And for what? So some wooden arrow makers get a tax break? Yay. I just hope this liquidity/confidence infusion actually works, so normal people can take care of things without needing giant piles of cash.

Ironically, while I've seen the credit freeze negatively affecting others, including one family member who lost his job, it hasn't affected me AT ALL. In the last two days I got a decent offer for a $25k unsecured (signature) loan (at 8.5% APR I think), an offer for a 7.99% APR credit card with around a $10k balance, and an inducement to use another unsecured line of credit that I already have. Total not-bad-at-all credit offerings in the last two days: $45k. Sheesh. I'm almost tempted to snag that $25k and throw it into treasuries or high-interest savings, just in case I can't get credit later (although I can't think of any reason I'd need credit). But since they passed that bill, I guess I'll just hope that it works.
 
joepro

joepro

Well-Known Member
This puts us into a worse position come next year...maybe even in a fw months
The american already spoke up and clearly said, NO!

...openly sold votes for ear marks?
...traded Democracy in for a line of credit?

Just remember the past generations who died for democracy.
The few who traded in everything for just a shot at democracy.
A man named nathan hail comes to mind.
This gen foreclosed on these dreams and on any free future.

nevermind the past I need to protect my 401k at all cost, past/future, whatever.

....I don't even know this country anymore, we have entered Karl Marxs idea world, without question.

That was it folks, if the 'bail out' doesn't help, we have nothing more to trade, offer or 'buy into.'
 
ViRedd

ViRedd

New Member
joepro said:
This puts us into a worse position come next year...maybe even in a fw months
The american already spoke up and clearly said, NO!

...openly sold votes for ear marks?
...traded Democracy in for a line of credit?

Just remember the past generations who died for democracy.
The few who traded in everything for just a shot at democracy.
A man named nathan hail comes to mind.
This gen foreclosed on these dreams and on any free future.

nevermind the past I need to protect my 401k at all cost, past/future, whatever.

....I don't even know this country anymore, we have entered Karl Marxs idea world, without question.

That was it folks, if the 'bail out' doesn't help, we have nothing more to trade, offer or 'buy into.'
Click to expand...
Well said~

Vi
 
ViRedd

ViRedd

New Member
And as far as "giving" $22,000 to each homeowner in default ... I say fuck that! You want to TAKE money from those who did the right thing by not buying a home they couldn't afford, and who didn't lie on their loan applications, and who DID read the details in their loan documents, to GIVE to those who lied, cheated and bought into the ideal of something for nothing?

Folks, its time for Americans to wake up. The era of credit card therapeutic mood altering is over. Its time we paid the piper instead of laying these enormous burdens upon our children and grand children.

Vi
 
B

Bongulator

Well-Known Member
What if you don't have any children or grandchildren? I mean, I don't have any. So, can I just burn the place down around me, timing it so it all comes to a climactic end right as I die? Might as well have all my credit maxed out for Armageddon. There won't be any collectors calling!
 
misshestermoffitt

misshestermoffitt

New Member
The people said no to the bailout, the governement passed it anyway. I'm pretty sure that means our government is not "by the people" any longer.

* we need some kind of funeral music here and a little smile in a casket*
 
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