Ann Coulter had a really cute, really catchy phrase in her article last week to describe what happen.

She said it was, “…an affirmative-action time bomb.”

Here’s the whole paragraph:
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Ann Coulter is an ignorant racist PIG without a shred of decency who spouts any stupid thing that will throw red meat to the stupidest, most ignorant racists in our society. That is people like YOU. No one else takes her seriously. YOU are a moron. Ann is just a soulless piece of garbage who has nothing but contempt for those stupid enough to think she makes sense. Sadly that is people as stupid as YOU

#45

“Well, at least Tracist has the bawlz to show up and try to swim against the tide.”

Yes, everyone here wants to blame many people but exempt those who signed their names. If you are going to buy a house you need to take at least some responsibility for what the details say.
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Here is the thing about that. What are you going to do about people who are vulnerable to high pressure sales? Is there a solution there? There IS a solution to keeping the financial institutions from gaming the sytem because they are sure the short term is all they have to worry about since there is never a long term risk, since they are sure the taxpayers will come along and bail them out. MORE regulation and we stop doing things like ending the regulations we have like Glass Steagal. Then we put bigtime strings on whatever bailout we finally cough up. So that they dont get those huge bonuses anymore no golden parachutes. Tax the bejeesus out of those kind of transactions and make it economically distasteful for corporations to pay out huge CEO salaries that are in no way based on how they help the company. There ARE several answers to THAT problem. These banks were selling these homes to people, alright naive people, based on the idea that the rising value of their homes would give them equity they could use. They may deserve SOME of the blame but what is not acceptable is to blame the ending of the redlining. I have seen NO evidence this is in any way to blame. What I did see was that refinance agencies targeted older minority neighborhoods where people were cash poor but had good equity for predatory loans that didnt even help the people but got them into loans they would never be able to pay back. When states tried to pass laws saying that there had to be a demonstrable benifit for loans big money poured in and defeated them. These businesses were perdatory, they were greedy, looking to make loans and they didnt CARE if they were paid back. They only cared about how making a lot of loans looked on paper for the short term. We can do things to force corporations to care more about the long term and take responsibility for sacrificing ethics and long term best interest to short term flash

#41

“It has been proven that the Community Reinvestment Act has had the greatest success because the loans have always been paid on time and are currently being paid.”

Proven? Cite some proof that all of the loans made thru the CRA have always been paid back. Again I said it was ONE of the reasons not THE reason.
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You do know you are an idiot right? YOU guys are making the claim it was the problem or even a significant PART of the problem its up to YOU to prove it not to reverse the burden of proof and say something as mindnumbingly ignorant as either show every loan ever made under the program was paid on time or you are vindicated. That is just world class stupid. Cough up YOUR proof that it was a significant part of the problem.

She said it was, “…an affirmative-action time bomb.”

Here’s the whole paragraph:

“A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative-action time bomb, and now it’s gone off.”

BTW, how many of the failed mortgages were made to illegal immigrants?

We were tempted into one ourselves but I didn’t want to be tied down to a mortgage. My wife and I have a bit of a traveling bug, although kids and MS have provided a pretty good cure for that. They won’t take NO for an answer.

Constant calls and mail trying to convince you of all the reasons home ownership is best for everyone. Constantly fishing for a weak moment. That’s how credit cards and payday loans work, too. They are all looking for that moment of vulnerability when credit looks like the answer to a worried person’s current situation.

What secrets dark and dank loom in the recesses of your mind?

Lost there amidst the discarded crosses and faux piety for your fellow man…

lies a space, like a room. So bereft of light, so cold as to snuff out all hope of reason and compassion. Containing only hate. Unreasoned, uncontrolled and ever-present hate.

“some peoples sole purpose in life is to serve as a warning to others” – in that, you’ve done well.

The core concept proposed by Bush is flawed. Call some hearings and ask some economists. Google Sweden 1992 banking crisis. They had good success promptly steering their financial institutions back to safety. Learn the lessons, write it for the Democratic base, and own it. The “compromise” tweeking that was done to the Bush proposal resulted in a toothless and weak 100 page bill that tried to bury and hide its weakness from the voters. Rather than condescendingly claiming that the American people didn’t understand (Cf, McSame of Obama at first debate), or that the leadership didn’t explain it well enough, the reality is that public outrage finally made the Republicans blink, to borrow from Palin. If they vote in favor of bailing out the bad actors, they lose votes from constituents in five weeks at the next election. That is their only moral hazard. The bill that failed would not have prevented one of the 10K daily foreclosures, could have been filibustered until Bush spent all $700B, would only have made some parachutes non-tax-deductible, merely required a report “suggesting” how the taxpayer will be paid back, and allowed the same bunch of lobbyists to set prices for their trash that the taxpayers would pay. As a final insult, instead of providing more confidence through transparency, the failed bill would allow Paulson to suspend the mark-to-market rule. This is intellectual dishonesty that will further erode confidence in our banking system. Do a better job on all these issues and allow bankruptcy judges to implement the rewriting of loans, or face the wrath of the voters. I think many voters would accept a temporary governmental equity position in the banking sector as long as the bad guys aren’t seen as maintaining their ability to subvert the programs and continue to rip off the system. Don’t pull another FISA cave.

I did’t hear nothing about who deregulated Wall St and the Mortgage institutions to peddle and speculate on these?

So where did that deregualation that allowed that occur come from?

Let us not forget, aren’t these banks and business people smarter and more conservative and prudent to make such loans even if they can legally? After all, business takes care of us with our fooods, and merchandise that it is not tainted with any harmful lead in the paints or Sal monela in our foods. Right?

Nothing worth reading. Prove your baseless assertions and delusional fantasies wrong? How about YOU are an idiot. What happened was much simpler. When the Glass Steagal act was killed it allowed mortgage banks to bundle their loans and sell them to Financial institutions. The banks didnt care if the loans were good or not. In fact once they ran out of decent loans they aggressively pushed refinances and lied on applications to make bad loans because they didnt care if they were paid back since they were going to bundle and sell them to the financial institutions. The financial institutions also didnt care how solid the loans were since A) in the short term it looked like growth and justified the big bonus’ and higher stock prices and B) they KNEW that this country always has had socialism for the rich so when the bills came due they could count on the taxpayer to bail them out. It takes blazing all new trails of stupidity and ideological blindness to the point of retardation to claim the problem was TOO MUCH REGULATION. You are a braindead moronic hiveminder.

Your racist BS about minorities comes straight out of the Limborg I am sure it sounded good when you heard it on the radio but its BS. The redlining was a well established practice it was PROVEN that banks were denying minorities loans when they had absolute equal financial data. The Atlanta Constitution won a Pulitzer Prize doing groudbreaking investigation on EXACLTY this. YOU are a liar and a fool. Your rightwing talking points is bogus, racist claptrap.

World commodity markets, driven by Wall Street/Washington largess going back 20 of the last 28 years (and before), have been systematically collapsing. This coincides with the response to 9/11 and has been especially pronounced since world demand, and price, for oil started down. But, the continuing, cascading, collapses have left major investment banks without liquidity. Banks, through unwise if not criminal practices, can’t afford to pay each other.

There are a vast number of reasons for the collapse but some of it can be blamed on the consistent eroding of American credit since Chimpy took office. Many of the root causes were set in motion decades ago. There are plenty of villans from all political camps. Many are not political at all. However it borders on the absurd to suggest that a jump in foreclosures is bringing down multi-national investment banks.

Correction. It’s beyond absurd. It’s ridiculous, untrue, and cruel. It’s the petty excuse of a gang of crooks who got caught. It’s as absurd as blaming the Democrats when Republicans have set economic policy for at least 20 of the last 28 years.

And I challenge any stupid troll to find one credible source who states unequivocally that defaults on individual mortgages are a driving factor.

http://www.armytimes.com/news/2008/09/army_homeland_090708w/
Brigade homeland tours start Oct. 1
“The command is at Peterson Air Force Base in Colorado Springs, Colo., but the soldiers with 1st BCT, who returned in April after 15 months in Iraq, will operate out of their home post at Fort Stewart, Ga., ”

http://www.ajc.com/news/content/business/stories//2008/09/29/gas_shortage.html
“Two more weeks of gas chaos, official says

Atlanta’s chaotic gasoline shortage should be back to normal by Columbus Day, Oct. 13, at the latest, said Randy Bly of AAA South. That means about two more weeks of uncertainty, desperate searches for stations with gasoline and long lines at stations that do have gas.

Bly said Nashville had fuel shortages similar to those in metro Atlanta, but now 70 to 80 percent of the city is being supplied.”

Hmmm, the Army violating the Posse Comitatus Act
http://en.wikipedia.org/wiki/Posse_Comitatus_Act

And everyone is occupied with the bailout…
I smell martial law in parts of Georgia around the corner.

FCUKING REPUBLICAN CLOWNS.

THROW ALL OF THEM IN GITMO

http://www.federalreserve.gov/dcca/cra/

“The Community Reinvestment Act is a federal law that was enacted in 1977. It encourages depository institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods, in ways that are consistent with safe and sound banking operations. The CRA does not entitle individuals to any grants or loans.”

What the fcuk are they talking about, oh right they are blowing smoke up our collective ass as a smokescreen for McBlame.

That’s exactly backward. Mortgage lending took that “reckless and unsustainable turn” because of regulation – regulation driven by liberals and progressives, not free-market “deregulators.”

Pushed hard by politicians and community activists, the regulators systematically and deliberately altered financially sound lending practices.

The mortgage market was humming along just fine when, in the late 1980s, progressives decided that it needed to be “fixed.” Their complaint: Some ethnic groups got approved for mortgages at lower rates than others.

In reality, mortgage lenders were simply being prudent – taking care to provide mortgages to those who could best afford to make the payments.

The shift began in 1989, when Congress amended the Home Mortgage Disclosure Act to force banks to collect racial data on mortgage applicants. By 1991, critics were using that data to paint lenders as racist by showing that minority applicants were approved at far lower rates. Banks were “Shamed By Publicity,” as one 1993 New York Times headline put it.

In fact, they found a racial disparity only by ignoring relevant data on applicants’ ability to make mortgage payments – such as their assets and credit history.

But the political pressure was intense – with few in politics or media eager to speak the truth. And then, in 1992, came a study from four researchers at the Boston Fed, which seemed to bear out the critics’ contentions.

That study was, in fact, based on quite flawed data – but the authors’ political, media and academic protectors stifled most serious criticism, smearing the reputation of one whistleblower and allowing the Boston authors to avoid answering serious academic challenges to their work. Other studies with different conclusions were ignored.

The very next year, the Boston Fed announced new requirements for banks – rules that have now turned out to be monumentally catastrophic: Adopt “relaxed lending standards” or risk being labeled as racists, and face serious penalties under the federal Community Reinvestment Act.

Gone (as “arbitrary” and “outdated”) were traditional lending requirements such as requiring a down payment or limiting mortgage payments to 28 percent of income. (Of course, the loosened lending standards weren’t limited to poor and minority applicants – that would be discriminatory.)

The new standards performed as intended: Home- ownership rates, stagnant for 25 years, began a rapid 10-year ascent in 1995, with many new homeowners being lower-income and/or minority families.

The large rise in demand for houses, however, fed a run-up in prices starting in 1997 – the infamous housing bubble. And rising prices hid the great vulnerability of these loans to defaults and foreclosures, because refinancing or selling at a profit was the easy alternative.

Soon, these loans began to be sold in the secondary market. Fannie Mae and Freddie Mac were enthusiastic proponents of relaxed lending standards and purchased large swaths of these loans.

Time after time, Fannie and Freddie trumped criticism by pointing to how they were helping broaden homeownership. Because of the subject’s racial overtones, they beat back calls for reform even after financial irregularities were found.

Rating agencies such as Standard & Poor’s had no experience with such loans – and imprudently used the misleading bubble-induced performance to incorrectly judge the likely performance of financial instruments based on such loans.

In 2002, the “reformers” declared victory. In a Fannie report, four academic supporters of relaxed standards crowed how these changes were “fundamentally altering the terms upon which mortgage credit had been offered in the United States from the 1960s through the 1980s . . . These changes in lending herald what we refer to as mortgage innovation.”

Lucky us.

Now that the popped bubble has left us swimming in foreclosures, the supporters of loosened credit standards seem shy about taking credit for their “mortgage innovations.” Instead, they blame subprime lenders for becoming “predatory” – when they were simply taking the Boston Fed rules to their logical conclusion while broadening the mortgage market.

Investors holding mortgage-based assets now want out. Perhaps they deserve a $700 billion refund – since they were sold a bill of goods by “progressive” politicians, academics and government officials who, in the hope of remaking society, insisted that loans based on relaxed underwriting standards were sound.

I’m gonna start buying me some stock in Campbells

I would also buy stock in toilet paper companies. All that will be left are eating and crapping.

Deregulation, the Cold War, Military, NAFTA, GATT, 9/11, subPrime, Globalization….All add to the reasons that the USA is in the last days of empire, as in Roman.

Democrats and Republicans are showing their traitorous colors on this Wall Street Extortion Scam.