Occupy Wall Street

[Trausti]

Four years ago a group of know-it-all yutes began gathering in large numbers and railed against capitalism on their iPhones while smoking Camel cigarettes (they're mild). Did their public urination and vandalism result in anything tangible? Have the yutes grown up and discarded the misguided beliefs of their youth or simply gravitated to another hip cause du jour? Was is all just a fall of sex and drugs?

 

[ZiprHead]

I think a lot of those yutes are no Bernie Sanders supporters.

 

[Jimmy Higgins]

Four years ago a group of know-it-all yutes began gathering in large numbers and railed against capitalism on their iPhones while smoking Camel cigarettes (they're mild). Did their public urination and vandalism result in anything tangible? Have the yutes grown up and discarded the misguided beliefs of their youth or simply gravitated to another hip cause du jour? Was is all just a fall of sex and drugs?

I'm glad you are happy with the fact that no one responsible for the Global Recession was held accountable.

 

[repoman]

It is all the fault of Ketchup the female bodied person.

 

[Trausti]

Four years ago a group of know-it-all yutes began gathering in large numbers and railed against capitalism on their iPhones while smoking Camel cigarettes (they're mild). Did their public urination and vandalism result in anything tangible? Have the yutes grown up and discarded the misguided beliefs of their youth or simply gravitated to another hip cause du jour? Was is all just a fall of sex and drugs?

I'm glad you are happy with the fact that no one responsible for the Global Recession was held accountable.

Not to derail my own thread, but the government never takes responsibility for its poor policies. But this guy did pay a hefty fine.

 

[ZiprHead]

Bob Barker? George Hamilton?

 

[Tom Sawyer]

He's very tanned. It's possible that somebody in the Justice Department thought that he was a black man so they filed charges.

 

[Trausti]

He's very tanned. It's possible that somebody in the Justice Department thought that he was a black man so they filed charges.

Well, no. He's the orange man. Angelo Mozilo. And it was the SEC not the Dept of Justice. Anyway, they should have gone after this guy:

[YOUTUBE]https://www.youtube.com/watch?v=PEoqKYCMDmc[/YOUTUBE]

 

[Tom Sawyer]

Anyway, they should have gone after this guy:

That makes no sense. He is clearly caucasian.

 

[fromderinside]

Anyway, they should have gone after this guy:

That makes no sense. He is clearly caucasian.

Yeah. I know this guy. He was running Our
Thing I believe.

 

[ksen]

He's very tanned. It's possible that somebody in the Justice Department thought that he was a black man so they filed charges.

Well, no. He's the orange man. Angelo Mozilo. And it was the SEC not the Dept of Justice. Anyway, they should have gone after this guy:

[YOUTUBE]https://www.youtube.com/watch?v=PEoqKYCMDmc[/YOUTUBE]

Did Andrew Cuomo also force banks to invent mortgage backed securities and convince the credit rating agencies to fraudelently give them good credit ratings and tell the banks to falsely advertise them to their clients and then bet on them failing?

 

[Trausti]

Well, no. He's the orange man. Angelo Mozilo. And it was the SEC not the Dept of Justice. Anyway, they should have gone after this guy:

[YOUTUBE]https://www.youtube.com/watch?v=PEoqKYCMDmc[/YOUTUBE]

Did Andrew Cuomo also force banks to invent mortgage backed securities and convince the credit rating agencies to fraudelently give them good credit ratings and tell the banks to falsely advertise them to their clients and then bet on them failing?

Ya don't think that the government forcing lenders to make bad mortgages - mortgages that even Cuomo recognized were bad - had any effect on the lenders' efforts to remove the bad mortgages from their portfolios?

 

[Derec]

I think a lot of those yutes are no Bernie Sanders supporters.

Yutes?

And I think a lot of them are. Others probably went to join #BLM.

- - - Updated - - -

Ya don't think that the government forcing lenders to make bad mortgages - mortgages that even Cuomo recognized were bad - had any effect on the lenders' efforts to remove the bad mortgages from their portfolios?

That is pretty damning. At the end he does explicitly say that there will be a greater risk of default on those "affirmative action" loans than on others. Kind of like affirmative action students are more likely to drop out.

 

[ksen]

Ya don't think that the government forcing lenders to make bad mortgages - mortgages that even Cuomo recognized were bad

1) I reject that the government forced lenders to make bad loans. If you can document that I'm willing to change my mind.

2) If you're refering to the Community Reinvestment Act (CRA) I reject that that 40+ year old law had anything to do with the financial crisis and the Fed agrees with me.

Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
----------------------------------------------------

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagency CRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

- had any effect on the lenders' efforts to remove the bad mortgages from their portfolios?

I have no idea what you're trying to say here.

 

[arkirk]

Four years ago a group of know-it-all yutes began gathering in large numbers and railed against capitalism on their iPhones while smoking Camel cigarettes (they're mild). Did their public urination and vandalism result in anything tangible? Have the yutes grown up and discarded the misguided beliefs of their youth or simply gravitated to another hip cause du jour? Was is all just a fall of sex and drugs?

Your view of human beings in general is one of failure to relate to them. You show no sympathy for your fellow man and what you get from that is no sympathy in return. Just a little reminder about how people function. You rag on them and they don't ever make any effort to come to agreement with you. You call somebody a clod and stoopnagle and they won't respond with anything but contempt. Consistent with your narcissistic ideas about human interaction, you write your own rules and then are surprised when nobody really agrees with you.

Occupy wall street made us aware of the discontent in this country. It was composed of people who had already had their lives disrupted by Reaganomics. It had no budget, and actually no chance because it was immediately set upon by frightened bank presidents and corporate leaders. It was shut down by force of police action. The politicians were being paid to not face the issues Occupy brought to the surface. It has been the same crowd of bankers and corporate lobbyists who have sponsored government disfunction for a long time...that group of yutes called themselves "the Reagan revolution." I bet you fit into that group nicely.

You might not like to admit our government has slipped the grasp of the common man and is no longer of the people. Instead it is of, by and for the WHATEVER THE SPONSORS WANT. The same is true of our public airwaves. Bernie wins the debate hands down and everything from CBS to Fox says Hillary won. Neither of them sounded too much like your obvious hero...Donald Trump.

 

[Trausti]

Four years ago a group of know-it-all yutes began gathering in large numbers and railed against capitalism on their iPhones while smoking Camel cigarettes (they're mild). Did their public urination and vandalism result in anything tangible? Have the yutes grown up and discarded the misguided beliefs of their youth or simply gravitated to another hip cause du jour? Was is all just a fall of sex and drugs?

Your view of human beings in general is one of failure to relate to them. You show no sympathy for your fellow man and what you get from that is no sympathy in return. Just a little reminder about how people function. You rag on them and they don't ever make any effort to come to agreement with you. You call somebody a clod and stoopnagle and they won't respond with anything but contempt. Consistent with your narcissistic ideas about human interaction, you write your own rules and then are surprised when nobody really agrees with you.

Occupy wall street made us aware of the discontent in this country. It was composed of people who had already had their lives disrupted by Reaganomics. It had no budget, and actually no chance because it was immediately set upon by frightened bank presidents and corporate leaders. It was shut down by force of police action. The politicians were being paid to not face the issues Occupy brought to the surface. It has been the same crowd of bankers and corporate lobbyists who have sponsored government disfunction for a long time...that group of yutes called themselves "the Reagan revolution." I bet you fit into that group nicely.

You might not like to admit our government has slipped the grasp of the common man and is no longer of the people. Instead it is of, by and for the WHATEVER THE SPONSORS WANT. The same is true of our public airwaves. Bernie wins the debate hands down and everything from CBS to Fox says Hillary won. Neither of them sounded too much like your obvious hero...Donald Trump.

I live in a city where they defecated on the street, vandalized private property, and left drug needles near a daycare. You're right. I have no sympathy for them at all.

 

[untermensche]

1) I reject that the government forced lenders to make bad loans. If you can document that I'm willing to change my mind.

2) If you're refering to the Community Reinvestment Act (CRA) I reject that that 40+ year old law had anything to do with the financial crisis and the Fed agrees with me.

Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
----------------------------------------------------

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagency CRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

- had any effect on the lenders' efforts to remove the bad mortgages from their portfolios?

I have no idea what you're trying to say here.

Your effort is worthwhile but wasted on the Republican mind that has no memory or recognition of facts.

 

[Trausti]

1) I reject that the government forced lenders to make bad loans. If you can document that I'm willing to change my mind.

2) If you're refering to the Community Reinvestment Act (CRA) I reject that that 40+ year old law had anything to do with the financial crisis and the Fed agrees with me.

Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
----------------------------------------------------

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagency CRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

- had any effect on the lenders' efforts to remove the bad mortgages from their portfolios?

I have no idea what you're trying to say here.

I'm saying it took two to tango. The 2008 financial crisis was a public-private fiasco. However, while some are quick to blame the private sector, the public sector, and in particular government policy, is often ignored.

Guess the government agency, 2006.

"We have made, and continue to make, significant adjustments to our mortgage loan sourcing and purchase strategies in an effort to meet HUD's increased housing goals and new subgoals. These strategies include entering into some purchase and securitization transactions with lower expected economic returns than our typical transactions.
"We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans, and increased our investments in higher risk mortgage loan products that are more likely to serve the borrowers targeted by HUD's goals and subgoals, which could increase our credit losses."

 

[untermensche]

I live in a city where they defecated on the street, vandalized private property, and left drug needles near a daycare. You're right. I have no sympathy for them at all.

"They"?

All of them?

Do you know or care what they were protesting?

Or are you just another blind sycophant to illegitimate power?

 

[untermensche]

I'm saying it took two to tango. The 2008 financial crisis was a public-private fiasco. However, while some are quick to blame the private sector, the public sector, and in particular government policy, is often ignored.

Guess the government agency, 2006.

"We have made, and continue to make, significant adjustments to our mortgage loan sourcing and purchase strategies in an effort to meet HUD's increased housing goals and new subgoals. These strategies include entering into some purchase and securitization transactions with lower expected economic returns than our typical transactions.
"We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans, and increased our investments in higher risk mortgage loan products that are more likely to serve the borrowers targeted by HUD's goals and subgoals, which could increase our credit losses."

What do you think this says? Can you read?

It most definitely does NOT say; give out loans without checking information on applications.

That idea came straight from the banks. The government had NOTHING to do with it.

To even imply it did is simply to be dishonest.