Bush war crimes

West Mifflin, PA

#42956 Nov 18, 2012
lifes a beach wrote:
<quoted text>
Actually if half the country loses we all lose you idiot. The problem with people like you is your "us" vs. "them" attitude- that's not how America should be, we should be working together to reduce the national debt not fighting each other over the scraps that are being left behind. I would love to hear from the Obama supporters their take on the fiscal policy proposals by Obama and how they actually think any of this is really going to work...Most are so focused on gloating and "winning" that they have no idea they just won a continuance of the past 4 years of a limping broken economy...
who broke the ecomony with 2 tax cuts and 2 wars that arent paid for?
xfactor

Mckeesport, PA

#42957 Nov 19, 2012
The game is rigged the two sides (false left/ false right) were created to play you off against each other.

Making sure your eye is not on the real problem, the real criminals who run this country, instead you focus your attention on their puppets.

Patriot Act, NDAA, TSA, FBI, CIA, eugenicist health care, illegal wars, Federal Reserve, and the Hegelian dialect use of 'Al-Qaeda'.
TaxNoMore

Los Angeles, CA

#42958 Nov 19, 2012
Bush war crimes wrote:
<quoted text>who broke the ecomony with 2 tax cuts and 2 wars that arent paid for?
**********

In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending.

In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants;

this allowed various studies to be ginned up that seemed to validate the original accusation.

In fact, minority mortgage applications were rejected more frequently than other applications - but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.

Yet a "landmark" 1992 study from the Boston Fed concluded that mortgage-lending discrimination was systemic.

That study was tremendously flawed - a colleague and I later showed that the data it had used contained thousands of egregious typos, such as loans with negative interest rates.

Our study found no evidence of discrimination.

Yet the political agenda triumphed - with the president of the Boston Fed saying no new studies were needed, and the US comptroller of the currency seconding the motion.

No sooner had the ink dried on its discrimination study than the
Boston Fed, clearly speaking for the entire Fed, produced a manual for mortgage lenders stating that:

"discrimination may be observed when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants."

Some of these "outdated" criteria included the size of the mortgage payment relative to income,

credit history,

savings history and income verification.

Instead, the Boston Fed ruled that participation in a credit-counseling program should be taken as evidence of an applicant's ability to manage debt.

Sound crazy?

You bet.

Those "outdated" standards existed to limit defaults.

But bank regulators required the loosened underwriting standards, with approval by politicians and the chattering class.

A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities.

It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.

Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.

http://www.nypost.com/p/news/opinion/opedcolu ...

//////////

who broke the economy
Bush was a myth

Butler, PA

#42960 Nov 19, 2012
Gee.. what was the nations debt and deficit when the shrub took office ?

Since: May 11

Loysville, PA

#42962 Nov 19, 2012
TaxNoMore wrote:
<quoted text>
**********
In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending.
In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants;
this allowed various studies to be ginned up that seemed to validate the original accusation.
In fact, minority mortgage applications were rejected more frequently than other applications - but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.
Yet a "landmark" 1992 study from the Boston Fed concluded that mortgage-lending discrimination was systemic.
That study was tremendously flawed - a colleague and I later showed that the data it had used contained thousands of egregious typos, such as loans with negative interest rates.
Our study found no evidence of discrimination.
Yet the political agenda triumphed - with the president of the Boston Fed saying no new studies were needed, and the US comptroller of the currency seconding the motion.
No sooner had the ink dried on its discrimination study than the
Boston Fed, clearly speaking for the entire Fed, produced a manual for mortgage lenders stating that:
"discrimination may be observed when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants."
Some of these "outdated" criteria included the size of the mortgage payment relative to income,
credit history,
savings history and income verification.
Instead, the Boston Fed ruled that participation in a credit-counseling program should be taken as evidence of an applicant's ability to manage debt.
Sound crazy?
You bet.
Those "outdated" standards existed to limit defaults.
But bank regulators required the loosened underwriting standards, with approval by politicians and the chattering class.
A 1995 strengthening of the Community Reinvestment Act required banks to find ways to provide mortgages to their poorer communities.
It also let community activists intervene at yearly bank reviews, shaking the banks down for large pots of money.
Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department.
http://www.nypost.com/p/news/opinion/opedcolu ...
//////////
who broke the economy
This is the CRA excuse.

This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.

That lawsuit was brought because blacks were denied mortgages when they had similar financials as whites who received mortgages.

TSM = Racist f*ck.
Bush was a myth

Butler, PA

#42963 Nov 19, 2012
Soo sad stereotyping by the GOP, their racism,greed and ignorance. They are better than that.
TaxNoMore

Los Angeles, CA

#42964 Nov 19, 2012
Mitt vs Mutt wrote:
Romney's Binders Full of Gifts:
Why do the Republicans eat their own?
Two things were confirmed this past week: that Mitt Romney truly despises the poor and middle class, and that most Republican leaders despise Mitt Romney.
Now that the election is over, some of the long-lost truth is returning to politics. In a conference call Wednesday with campaign donors, Romney blamed his humiliating loss on what he implied were the bribes President Obama used to buy 51% of the electorate "especially the African-American community, the Hispanic community and young people....In each case, they were very generous in what they gave to those groups...What the president's campaign did was focus on certain members of his base coalition, give them extraordinary financial gifts from the government, and then work very aggressively to turn them out to vote, and that strategy worked."
He continued: "With regards to the young people, for instance," Romney told his big fund-raisers, "a forgiveness of college loan interest was a big gift. Free contraceptives were very big with young, college-aged women. And then, finally, Obamacare also made a difference for them, because as you know, anybody now 26 years of age and younger was now going to be part of their parents' plan, and that was a big gift to young people."
LQQK HERE:
http://www.huffingtonpost.com/andy-ostroy/bin...
Folks you cant make this shit up!
Obama 2012
THE CLEAR CHOICE!!!!!!!!!!
YEAHHHHHH BABYYYYYYYYYYYYYY
//////////

"Keep Obama in da President ya know?

Yo, you got da free obama phone.

woof,woof,woof

"Keep Obama in da President ya know?

Yo, you got da free obama phone.

Woof, woof, woof

"It,It,It, only take one vote ya know"

"If, if, if, ya got some friends ya know"

woof, woof, woof

"Sign up yo granni, who died in Miami"

"Sign up yo prison Bro, in Ohio"

woof, woof, woof

"Keep Obama in da President ya know?

Yo, you got da free obama phone.
TaxNoMore

Los Angeles, CA

#42965 Nov 19, 2012
RealDave wrote:
<quoted text>
This is the CRA excuse.
This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.
That lawsuit was brought because blacks were denied mortgages when they had similar financials as whites who received mortgages.
TSM = Racist f*ck.
This is the CRA excuse.

This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.

That lawsuit was brought because blacks were denied mortgages when they had similar financials as whites who received mortgages.

TSM = Racist f*ck.

//////////

Obama’s Citibank plaintiffs hit hard when housing bubble burst
.
.
.

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans
.
.
.

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff.[RELATED: Learn about the 186 class action plaintiffs]

Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.

“If you see some people don’t make enough money to afford the mortgage, why would you give them a loan?” asked Obama client John Buchanan.

“There should be some type of regulation against giving people loans they can’t afford.”

Read more: http://dailycaller.com/2012/09/03/with-landma ...

.
.
.

This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.
Harry C

West Mifflin, PA

#42966 Nov 19, 2012
four more years!!!!!!
YEAHHHHH BABYYYYYYYYY!
TaxNoMore

Los Angeles, CA

#42967 Nov 19, 2012
Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.

“If you see some people don’t make enough money to afford the mortgage, why would you give them a loan?” asked Obama client John Buchanan.

“There should be some type of regulation against giving people loans they can’t afford.”

.
.
.

This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.

TSM = Racist f*ck.
Harry C

West Mifflin, PA

#42968 Nov 19, 2012
Republicans Mourning for Mitt Romney? Not So Much

And most of them aren't doing much mourning for Mitt Romney.

Just over a week since the two-time Republican presidential hopeful failed to deny President Obama a second term, instead of offering up condolences for a candidate who garnered 48 percent of the popular vote, GOP leaders seem to be keeping Romney at arm's length.

"I've never run for president -- I've lost elections but never for the presidency -- and I'm sure it stings terribly," New Jersey Republican Gov. Chris Christie said in an interview Friday morning with MSNBC, but added: "When you lose, you lost."

New Hampshire Sen. Kelly Ayotte, an early endorser and a frequent presence by Romney's side on the campaign trail, echoed Christie.

"The campaign is over," she said in an MSNBC interview on Thursday, "and what the voters are looking for us to do is to accept their votes and go forward."

A period of blame and soul-searching was inevitable for Republicans after Nov. 6, but Romney hastened it with his candid comments on a conference call with donors this week in which he attributed President Obama's win to the "gifts" he gave to key voting blocs.

LQQK HERE:

http://abcnews.go.com/Politics/OTUS/republica...
dbar

Perkasie, PA

#42969 Nov 19, 2012
TaxNoMore wrote:
<quoted text>
**********
In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending.

//////////
who broke the economy
try

http://www.policyalmanac.org/social_welfare/a...

http://usatoday30.usatoday.com/money/perfi/ho...

"Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit."

and

http://online.wsj.com/article/SB1221186811517...

"In 2004, President George W. Bush campaigned on lower barriers to homeownership as part of the domestic agenda for his second term. The Republican Party platform that year singled out the down payment as the "most significant barrier to homeownership."

and

http://www.rollingstone.com/politics/blogs/ta...

"Whenever any right-wing loon, or Bloombergite, tries to tell you the mortgage crisis was caused by the government forcing the poor banks to lend to broke black people, please direct them to this passage. The banks not only wanted to give out these loans, they wanted to give them out at the speed of light. They wanted to crank them out so fast that their own auditors literally couldn't read the writing on the loan applications. This was greed, not policy. Anybody who says anything else is high on something."

the email says it all

"At one point during these deals, Verschleiser reamed out his immediate subordinate, co-head of mortgage finance Baron Silverstein, over the "problem" of the due diligence department taking too much time to do its work. Silverstein responded by issuing the following tirade to John Mongelluzzo, Bear's VP for Due Diligence, demanding that he not get in the way of Bear's insane goal of funding 500 mortgages a day:

I refuse to receive more emails from [Verchleiser](or anyone else) questioning why we’re not funding loans every day. I’m holding each of you responsible for making sure we fund at least 500 each and every day… I was not happy when I saw the funding numbers and I knew NY would NOT BE HAPPY... I expect to see 500+ every day. I will do whatever is necessary to make sure you’re successful in meeting this objective.
bobby64

Indian Trail, NC

#42970 Nov 19, 2012
The racial hating warrior tea bag may never fully realize that the patriotic part of america did put president Obama in the white house for another four years, against his wishes. If my android RAZR is a Obama phone then of course i got one and i plan to keep it. I have a 715 credit score which had nothing to do with the no deposit required part, warrior tea bag racist dumb ass. The tea bag warriors can only talk when we decide to fight back and retake our country which were doing
Harry C

West Mifflin, PA

#42971 Nov 19, 2012
George W. Bush Bailed Out the Banks!!!!!

"Let Detroit go bankrupt"- Mitt Romney

No, my friends, Barack Obama unequivocally did NOT bail out the banks!! For the last time it was George W. Bush and his Treasury Secretary Henry Paulson (former CEO of Goldman Sachs) that cooked up that idea, hastily sped the plan through Congress (most of which are bought off by Wall Street anyway), and signed into law. Yes, TARP, the Troubled Assest Relief Program, was signed into law on October 3, 2008, a full month before candidate Obama was even elected! When Paulson was pushing his plan, he wanted to give the banks the money with absolutely no strings attached as quickly as possible and with no oversight whatsoever! Thankfully we had a few good Democrats who had heads on their shoulders and didn't allow $750 billion of the taxpayers' money go to the banksters just like that. However, remember what did happen? Just a couple of months later and again a year later? With the taxpayers' bailout money? Multi-million dollar BONUSES!!!! That's right, huge bonuses for the very same executives who played Russian roulette with their customers' deposits and investments (which was only legal because of the repeal of Glass-Steagall). Instead of being fired or investigated or going to jail for their crimes, these scumbags stole even more of middle-class America's money and pocketed it, and it was government sanctioned. Once again, why do you think there's an Occupy Wall Street?
TaxNoMore

Los Angeles, CA

#42972 Nov 19, 2012
RealDave wrote:
<quoted text>
This is the CRA excuse.
This f*cling idiot, TSM, thinks it should be OK for banks to discriminate.
That lawsuit was brought because blacks were denied mortgages when they had similar financials as whites who received mortgages.
TSM = Racist f*ck.
//////////

Of the nearly million-dollar settlement, three clients got a grand total of $60,000, while the rest of the clients got coupons.

What happened to the rest of the money?

Looks like the attorneys, starting with Obama, got the redistributed wealth, while the clients got the shaft.

It’s a great example of how broken the class-action tort system is, and how it can force businesses to adopt bad economic policy while benefiting no one except the lawyers.

It’s also a great example of the media’s utter failure in the 2008 election to take a serious look at Obama’s track record.

Why didn’t this come out?

Even John Edwards’ law practice got some scrutiny in 2004 and 2007, before Edwards’ candidacy imploded in scandal.

.
.

Looks like Racist obummer likes to f*ck the blaks
bobby64

Indian Trail, NC

#42974 Nov 19, 2012
You tried to f.ck president Obama every day racial hating California tea bag but you did not have enough brain cells to pull it off, blame your self. Your drive for more white privilege gave your ignorant ass absolutely nothing, boy. No one is going to give you any thing but look on the bright side as you still have the internet to vent your personal hatred. You have accomplished nothing this election cycle. The end of white privilege and that you have every reason to shed crocodile tears
TaxNoMore

Los Angeles, CA

#42975 Nov 19, 2012
"In 2004, President George W. Bush campaigned on lower barriers to homeownership as part of the domestic agenda for his second term.

The Republican Party platform that year singled out the down payment as the "most significant barrier to homeownership."

//////////

//////////

Short version:

1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
.
.

1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low income loans.

He also increases punishment for banks that dont loan enough money to low income borrowers.

This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.

.
.

1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times.

The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money.

BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people.

The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor.

Nice in theory, but look where it has gotten us.

Now we are a nation with a bunch of people losing homes they never could afford, and a bunch of banks collapsing because nobody can pay them back!

Thanks Democrats!

.
...
.....

Looks like Racist Democrats like to f*ck the blaks
bobby64

Indian Trail, NC

#42977 Nov 19, 2012
George bush also campaigned on privatizing social security and what did that get him? Bush had the veto pen but must of kept losing it as every spending bill he signed into law. Your ignorant ass should just revise the conspiracy where president Obama or Barney made him do it. Your bush advisors could not outsmart a gay guy. You know Perry is a closet gay Texan, maybe bush was
Bush was a myth

Butler, PA

#42978 Nov 19, 2012
So glad to see the infrastructure being rebuilt... it crumbled under the shrubs reign...
Dan the Man

Shippensburg, PA

#42979 Nov 19, 2012
The claim that the CRI caused the financial meltdown is a rightwing myth that refuses to die - even thought it's been THOROUGHLY debunked countless times.

The Federal Reserve Bank of St. Louis recently investigated whether affordable housing policies had any influence on the price or proliferation of subprime mortgages in the mid-2000s...

----------

Research Division
Federal Reserve Bank of St. Louis

Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?

We find no evidence that lenders increased subprime originations or altered pricing around the discrete eligibility cutoffs for the Government Sponsored Enterprises (GSEs) affordable housing goals or the Community Reinvestment Act.

Our results indicate that the extensive purchases of risky private-label mortgage-backed securities by the GSEs were not due to affordable housing mandates.

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