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I wonder who was blaming the uber-rich when John Q Public was buying homes with stated-income loans. And usually the income stated was 3 to 4 times the borrowers actual income. It's a two-way street, my friend. The borrowing public was just as guilty as the lending public.
And if you're willing to overlook government corruption (blagovich, acorn etc) in favor of political finger pointing, that's your deal and it's probably that same battered-liberal syndrome that enables your type to vote for your corrupt democrat political machine.
No successful banker gives poor people loans to buy half million dollar houses, unless he's working an angle. The banks were willing to make NINJA loans, ( no job, no income), because those outstanding loans could be chopped up and sold in derivative securities to unknowing investors.
Corruption on any level is bad, but too many folks don't want to confront the financial raping of the country that's taking place in the board rooms of the top Wall Street investment firms.
Did Blago take money out of your pocket?? Did ACORN??
Focus on the big picture buddy.
Politicians are prone to corruption, of all political stripe, however, WE are the government. Accountability begins with the electorate.
If the system is failing, the failure is with US, not the institutions. The alternative to no federal government is tribalism and anarchy.
You're maybe the first person I've met who thinks the Wall Street ponzi scheme built upon the phony home mortgage loan bubble fed by the investment banks was okay, because gosh, they're wealthy.
Don't be a sheeple, mah dude.
You do realize there is a middle ground between no federal government and what we have today, right?
Acorn is just one example of tax payer funded activity gone awry. There is an issue when people are forced to give over their hard earned money so that a congressman can fund his pet project, gain political capital with it, or simply fund a wayward "community organization."
However, the banks are also an issue, but why do you think they have as much power as they do? There was a push early on in this country by some (cough... Hamilton...cough) to have an increasingly strong central government and a powerful central banking system. That ideology won out, and what you see happening now is the product of it.
In general, local government is more responsive to the electorate. There are benefits to a federal government, but it long ago grew past what it should be. The feds now exert a great deal of control over your daily life, but they are the farthest removed from you, and the most difficult to alter. I'll leave you with this thought... When the nation was founded there was 1 congressional representative for approx every 30,000 people. Now, there is 1 congressional representative for approx every 3/4 of a million ppl, yet they decide a great deal more about your day to day life.
'News' anchors and others who offer opinions under the guise of new are very important, in the sceme of things these days. They conservative media in particular is engaging is systymatic brainwashing, by loading negative meanings into terms like "liberal", with unrelated terms like 'pedophile', and a very long list of negative terms. After a while the person hearing it, reasoning is suspended, when they hear such terms.
For example, didn't someone in this thread say that, Obama hates white people? Not only is that an utter lie, it makes no sense. How can people be made to believe something comepletely illogical? A key part of that process is the filtering of information, though people like Beck.
Agree, ironically, with most of this, except that the federal government had no role in the founding of investment banks like JP Morgan, Goldman Sachs, (now defunct) Lehman Bros, Citigroup, Morgan Stanley and Bear Stearns.
These banks are NOT a part of the Federal Banking system.
Cash is the lifeblood of American politics, and these banks are the essential valves in the heart of American power that keeps that blood pumping.
Ever think it was oddly convenient how Goldman Sachs had so many well placed former employees/execs in the Bush AND Obama administration??
To protect their interests.
About the ratio of Congressional reps/voters, you have to assume that ratio was going to increase. In a democratic republic, you elect representatives to defend your communities' interests in Washington, DC.
Do you really want to increase the size of Congress 10x???
Geez Huey, give it a break...the newspaper heiress was released from mind-control captivity almost 40 years ago and the Panthers have turned into kittens. They have developed more creative methods of challenge other than your 1960's beat-downs and threats of violence.
Your continued rantings do little more than alienate those who most need adjustment.
Published on Saturday, August 28, 2010 by Informed Comment Glenn Beck’s ‘I Have a Dream Speech’
by Juan Cole
This is the ‘I have a Dream Speech’ that Glenn Beck would give at the Lincoln Memorial if he were being completely honest.
I am not unmindful that some of you have come here out of great trials and tribulations. Some of you have come fresh from tax increases or increased regulation of your speculative financial instruments. Some of you have come from areas where your quest for freedom left you battered by the storms of government takeover and staggered by the winds of police laxness toward Mexicans and minority crime. You have been the veterans of creative suffering, under our current strange mixture of fascism, communism and Islam (Islamo-commie-fascism as I call it). Continue to work with the faith that unearned suffering cannot be cured by a government take-over of health care.
Go back to the Hamptons, go back to Grosse Point, go back to Alaska, go back to Utah, go back to Idaho, go back to the suburbs and exurbs of our northern cities, knowing that somehow this situation of having an African-American president can and will be changed. Let us not wallow in the valley of despair.
I say to you today, my friends, so even though we face the difficulties of today and tomorrow, I still have a dream. It is a dream deeply rooted in the American dream.
I have a dream that one day this nation will rise up and live out the true meaning of its creed: “We hold these truths to be self-evident: that some men are only worth 3/5s of others.”
I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slave owners will be able to sit down and recognize that our president doesn’t like white guys.
I have a dream that one day even the borough of Manhattan, a borough sweltering with the heat of socialism, sweltering with the heat of Islamic fascism, will be transformed into a mosque-free oasis of freedom for people just like me.
I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their gold portfolios.
I have a dream today. . .
satire
© 2010 Juan Cole
Juan Cole teaches Middle Eastern and South Asian history at the University of Michigan. His most recent book Napoleon's Egypt: Invading the Middle East (New York: Palgrave Macmillan, 2007) has just been published. He has appeared widely on television, radio and on op-ed pages as a commentator on Middle East affairs, and has a regular column at Salon.com. He has written, edited, or translated 14 books and has authored 60 journal articles. His weblog on the contemporary Middle East is Informed Comment.
I know they are not one of the federal reserve banks, but the entire system is interconnected. I'm not advocating doing away with banks in general, but I'd like to get them out of bed with the government.
As for the representation, the ratio still needs to shrink, and there is actually a case about this that was just appealed to the Supreme Court. I doubt they will take it up because they will likely consider it a "political question," but nevertheless it is a valid issue. The first proposed amendment to the Constitution actually addressed the issue of increasing the size of the house (though there was a cap in it). All things being equal, I'd take too large a House over to small a one.
Oh and when a congressmen represents multiple counties (or even an entire State), then how exactly are they representing the interests of your particular community? I know in NY, the interests of Manhattan differ from those of Nassau or Westchester, never mind the rural upstate communities.
As usual you guy go way off topic but.......
The problem wasnt people defaulting on their loans.
The problem was that the BANKS had repackaged these loans resold them and leveraged the fuck out of them.....THATS THE PROBLEM.
Thats why Europe is in this mess becasue they purchased these things not knowing the were junk.
The criminals on Wall Street have pulled everyone down with them.
Thats why Obama HAD to give that money to the banks because the debt had ballooned.
It was not just the value of all those homes that were in foreclosure.
The amount of these "toxic assests" is over 100 trillion dollars....it can NEVER be repaid.
There have been all kinds of schemes,swindles pulled off by wall street type and non wall street types alike....you all should do your research you would be SHOCKED at what has gone on.
I believe this recession is going to grow into a depresssion ....it already is....look at history.
When the crash happend in 29 thinks didnt immediately go into the shitter....by 31-32 things were really bad.
Also bad in those days the Federal Reserve Bank TIGHTENED CREDIT....just like what is happening now.
Think about that....it tightened credit during a depression......Obama gave ALL that money to the banks partially to loosen credit.....has that happen?
No.
Quite the opposite.
Hundreds of banks have failed.
Without lending and manufacturing your economy will contract and that is exactly what is happening I believe BY DESIGN.
You have to understand that even though SOME of the big boys are losing money if you compare the loses percentage wise they are being hurt far less than joe six pack.
All of those homes that the banks own wont be empty forever.....THIS IS WHAT YOU PEOPLE DONT GET.
I believe the price of homes will continue to call.....then they will go up and up and up.
This is all by design.....
You all dont see it right now BUT YOU WILL.
Your being swindled BIG TIME.
The sad part is you are the financers of your own demise.
You can look at the high cost of taxes on the gasoline you use. If you live in California, buy yourself a six-pack of generic cola for 2 bucks, you'll find the california government raking in almost 2 dollars in fees/taxes for a 2 dollar pack of soda.
Recycling is important, no doubt. But it seems that whenever the government is involved the statists behave as if their behavior is holy. Expensively holy.
Whatt do you mean " as usual"? How many posts have I had here? 10? You jump to many conclusions. Don't be so emotional.
And what loans were the banks repackaging? LOL The ones on stated income? The loans with 500% loan to value?
There seems to be a certain entitlement/victim mentality in your language.
"Beckapalooza", "Beckith Fair". lol
Loans...as in, home mortgage loans.
Was it really that hard to understand Solitary Brother's point??
I guess so.
Solitary nailed it, IMO. Some of Barack's biggest backers in '08 were Wall Street money, and now that it appears he's not gonna play ball, they're going to insure he doesn't win a 2nd term by tightening lending indirectly through smaller commercial banks.
If banks don't lend, small companies can't expand, less manufacturing and fewer new jobs = one term POTUS.
No no no no no.
Your not getting it.
Barack Obama is doing EVERYTHING the bankers want.
That so called financial reform was totally watered down.
They are doing it not because they dont like Obama......they are doing it because THEY will benefit when these people default on their loans.
Its about money...they want more and more...its not about Obama at all.
Let's see, they have laws regulating:
drugs/intrastate & interstate manufacturing/labor/wages/standards/banks/commerce/interstate and intrastate roads/waterways/schools/food/cars/trains/planes/ships/parks/energy production/pensions/social security/mail/hospitals/patents/copyright/immigration/anything that receives federal money, and a ton of other things, but that list is off the top of my head.
I'm not even getting into the debate about what they are and aren't suppose to regulate under the Constitution, but my point that they have a direct and strong influence on day to day life is a valid one.
no, the only beneficiary of your new health care bill are the insurance companies. and if they go up in business, so do the banks.
And i agree with SB on this one, this aint about Obama. Obama is a cool dude but unfortunately has no power, at all, he's a muppet. The CIA is all over his ass, he's nothing more than a marketing machine on a leash.
Fuck the history books! I'm white and for civil rights across the board. BIG FUCKING PERIOD! So don't lump me in with any group of racists or bigots of any kind. You're reading the wrong history books pal. I'm not saying things can't always get better, they can. But you are perpetuating racism from all angles with that type of bullshit comment.
"Im looking in ALL the history books and trying to find where the white people of America were EVER for "civil rights" other than their own.
Im still trying to find it."
WTF indeed.
The damn "community reinvestment act" started this whole thing. Giving loans to people that have bad or no credit. Clinton forced the banks to make the loans. Everyone knows it, why dont you? Read it up before spewing you bullshit! Carter started it and Clinton made it worse. They knew these banks werent getting their money back, and forced them to do it anyway!!!
a real f**king asshole
nice guy, like him
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
what started it was giving adjustable interest loan were as your payment can double are get high or slightly lower
how is that "hope" thing working for ya?
Elites? You mean liberal elites. The do as I say, not as I do liberals. Phony Marxist basterds
I think the whole "blame the Community Reinvestment Act" is conservative lie. Subprime mortgages, the amount of money being amde on fees, and the fact that risk was mitigated through credit default swaps were important factors. So the fact that some made huge amounts of money these loans failing, supposedly had nothing to do with the risks taken? Did the 'CRA' mandate that loan officers include the income of dead family members, as was done here in Ohio?
I think consevatives are playing fast and loose with the truth. Loan risks were hidden, packaged, sold, and betted against through credit default swaps. A lot of money was made in financial circles. This was not the fault or purpose of the community Reinvestment Act.