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Adam Shiff is being exposed, its beginning

64 posts in this topic

I really do have a degree in economics from an institution well north of "Rachel Maddow University" and Jay's post is absurd as is the notion that Bush caused it. There were a whole host of variables, but cheap money fueling a housing boom, ratings agencies treating subprime as investment grade credit, bank leverage and the ability to pool and securitize mortgages played the biggest roles. The GSEs and the CRA played minor roles. As did our politicians. 

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13 hours ago, BrianBM said:

Ohhh, good.  I'm so glad to know that Barney Frank caused the 2008 meltdown.  Makes things so much simpler

Maybe, but we know he likes young gay hookers also

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1 min ago, Flybyme said:

Maybe, but we know he likes young gay hookers also

 

Well who likes an old, gay hooker...I mean, come on, the guy may be a deviant, but he has some taste too.

 

But, yes, Barney's main squeeze did work at Fanny Mae.

They have a romantic story about how they met...it was at the Old Ebbitt Grill, and Barney sashayed up to the young man, offered him a seat and then proceeded to push in his stool.

 

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41 mins ago, The Dude said:

I really do have a degree in economics from an institution well north of "Rachel Maddow University" and Jay's post is absurd as is the notion that Bush caused it. There were a whole host of variables, but cheap money fueling a housing boom, ratings agencies treating subprime as investment grade credit, bank leverage and the ability to pool and securitize mortgages played the biggest roles. The GSEs and the CRA played minor roles. As did our politicians. 

And all of that happened because the government had been pushing relaxed credit and equity requirements so that folks could buy homes that could not afford them. When the sub prime portion of the market approached 50% all that bad paper crashed the credit market like a house of cards. It also artificially pumped up the demand for housing that inflated home values which made it even worse. Many folks that had houses found that the houses they purchase were not longer worth what they paid for them and when they lost their jobs during the ensuing recession their lives were ruined. Bank refused to refinance with the tightened credit requirements and the home owners lost their homes and their credit. It also affected home builders, building suppliers, contractors, landscapers, and many others.

 

It is the primary reason the housing market took so long to recover.

 

Obama actually considered reinstituting the sub prime mortgage program, but at the point the Republican had gotten control of Congress and the Senate and they said no and hell no.

Edited by Jay Blair

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