patrick.net

LOL, yes, the Democratic out-of-power minority really screwed things up 1995-2006.

Use your ----ing brain, ZippyDDoodah.

This is not to say the Democrats covered themselves in glory during their time out of power. They were silent bystanders while the other party, -- who happened to be in power -- utterly destroyed the enforcement underpinnings of the financial system in this country 1998-2005.

I'll just repeat what I said back in March by link:

http://patrick.net/?p=28968#comment-671841

I’ll just repeat what I said back in March by link:

http://patrick.net/?p=28968#comment-671841

Your linked comment explains nothing. Nada. Democrats blocked investigations and intimidated those who were warning of problems in housing lending as the video makes clear. Although it's not all Dems, it's mostly Dems who did this. Which party is 'most guilty' of pushing the philosophy that lending standards should be lowered for otherwise uncreditworthy people in order to help the 'less fortunate'? An honest answer to that question says it all

ZippyDDoodah says

Democrats blocked investigations and intimidated those who were warning of problems in housing lending as the video makes clear.

They went beyond blocking/intimidating critism, they encouraged GSE practices regardless of the consequences. It all up on Youtube !

ZippyDDoodah says

I’ll just repeat what I said back in March by link:
http://patrick.net/?p=28968#comment-671841

Your linked comment explains nothing. Nada. Democrats blocked investigations and intimidated those who were warning of problems in housing lending as the video makes clear. Although it’s not all Dems, it’s mostly Dems who did this. Which party is ‘most guilty’ of pushing the philosophy that lending standards should be lowered for otherwise uncreditworthy people in order to help the ‘less fortunate’? An honest answer to that question says it all

Yes, the poor, powerless Republicans, intimidated by minority negro Dems from saving the $20 trillion dollar financial sector from itself. What f---ing planet do you come from?

The poor and less fortunate didn't cause this mess. Unregulated banking -- in the mortgage subsector did. We were collectively cruising for a bruising -- the same financial disaster that unfolded with S&L crisis from the late 80s, with many of the same industry players and sins to be repeated again once the same Reagan/Bush Sr regulators got back into power under the W administration.

2001-2004 was a bit early to be actually see the looming disaster, as the industry was not quite fully engaged in suicidal business practices that became its staple a bit later in the game -- 2005 & 2006 was when the actual overcommitments were made, and where most of the money is going to be lost. CountryWide, WaMu, Wachovia/Golden West, etc etc. made their blood money on the middle-class, not the poor and less fortunate.

This is not to assert that had Gore won in 2000 things would have been much different. Actually doing the right thing 2001-2005 would have been politically impossible regardless of party or ideology. Everybody wants free cake; I had been following the RE market somewhat closely 2000-2005 and it was only in late 2006 that I figured out how unsustainable it had become, when the Casey Serin story broke. Casey Serin was just the first cockroach but I knew then that all the get-rick-quick bull--- I had seen advertised on TV in the previous years had produced an army of Casey Serins able to game a system willing to be played thanks to the agency problem of mortgage brokering, CDOs, ratings agencies, and the regulators going MIA either due to ideology or complicity.

679106">ZippyDDoodah says

Your linked comment explains nothing. Nada. Democrats blocked investigations and intimidated those who were warning of problems in housing lending as the video makes clear. Although it’s not all Dems, it’s mostly Dems who did this. Which party is ‘most guilty’ of pushing the philosophy that lending standards should be lowered for otherwise uncreditworthy people in order to help the ‘less fortunate’? An honest answer to that question says it all

GSE's were minor players in the bad loans business. Most of the sub-prime/exotic loans that went and are going bad were made by private label mortgage companies and a hand full of large banks and packaged up as securities by investment banks. " the philosophy that lending standards should be lowered " was embraced whole heartedly by the private market, not pushed on them.

But, yep, to the extent the government and GSE's were involved, Democrats have more to answer for on that.