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Date Posted: 11:14:20 02/16/10 Tue
Author: Ira
Subject: Re: Gone for next week
In reply to: Brian 's message, "Re: Gone for next week" on 18:14:51 02/12/10 Fri


>Also, he did not screw anything up. He was handed a
>screw up and told to deal with it. Republicans
>screwed it up by taking away banking regulation, and
>in case we've forgotten it was the banks tath caused
>the probelm. Obama didn't give risky home loans to
>millions of people.

Ok, lets set the record straight. Having worked in banking for 20 years and seen first hand what happened in the early years, the banks were reacting to a stupid governmental regulation called the Community Reinvestment Act (CRA). That basically says that banks must open branches and make loans to "inner city" communities. Losing propositions anyway you look at it. Without a favorable CRA rating the Banks would not receive favorable fed funds rates (that what banks use to balance their books everyday) so banks were forced to make what they knew were bad loans and bundled them (called securitization) and sold them off to Freddie Mae and Franny Mac. Can't blame them for that, they are in for profits and CRA was not profitable. When the new sub prime loans were introduced a few years ago they were hailed by liberals and Dems alike, now everyone can own their own home! But when they went bad everyone was up in arms. Mostly the libs and dems who hailed them before, blaming it all on the Repubs and banks. But on a few occasions they (Repubs) were the ones trying to reign in Freddie and Fannie only to hear super Lib Barney Frank say everything was hunky-dorie. The bottom line is whenever government gets involved things get screwed up.

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Replies:

[> [> [> [> Re: Gone for next week -- Mike P, 12:07:04 02/16/10 Tue

>
>>Also, he did not screw anything up. He was handed a
>>screw up and told to deal with it. Republicans
>>screwed it up by taking away banking regulation, and
>>in case we've forgotten it was the banks tath caused
>>the probelm. Obama didn't give risky home loans to
>>millions of people.
>
>Ok, lets set the record straight. Having worked in
>banking for 20 years and seen first hand what happened
>in the early years, the banks were reacting to a
>stupid governmental regulation called the Community
>Reinvestment Act (CRA). That basically says that
>banks must open branches and make loans to "inner
>city" communities. Losing propositions anyway you look
>at it. Without a favorable CRA rating the Banks would
>not receive favorable fed funds rates (that what banks
>use to balance their books everyday) so banks were
>forced to make what they knew were bad loans and
>bundled them (called securitization) and sold them off
>to Freddie Mae and Franny Mac. Can't blame them for
>that, they are in for profits and CRA was not
>profitable. When the new sub prime loans were
>introduced a few years ago they were hailed by
>liberals and Dems alike, now everyone can own their
>own home! But when they went bad everyone was up in
>arms. Mostly the libs and dems who hailed them
>before, blaming it all on the Repubs and banks. But on
>a few occasions they (Repubs) were the ones trying to
>reign in Freddie and Fannie only to hear super Lib
>Barney Frank say everything was hunky-dorie. The
>bottom line is whenever government gets involved
>things get screwed up.

How dare you sir!

How dare you bring facts, logic, and reason to
this forum, have you no sense of whom your dealing with?

I see nothing good coming of this, I hope your happy.


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[> [> [> [> Re: Gone for next week -- Frank, 07:21:04 02/23/10 Tue

See?
This is why I love Ira.
In a manly way.

I take exception to the distinction of dems and libs, however.
It should be dems and lib repubs, since there's no such thing as a conservative democrat.
Or jumbo shrimp
Or military intelligence
Or loving wife

gone too far









Dare not tarry


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