Open Season on Trump......

Discussion in 'Offtopic Lounge' started by basicstrategy777, Jan 6, 2016.

  1. basicstrategy777, Jan 8, 2016

    basicstrategy777

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    That was quite a write up Settingcanthurt.

    My understanding was it started with Clinton, wanting to get poor people into homes.

    Standards were lowered to qualify for loans......lenders got big commissions for selling mortagages to un-qualified people........loans were bundled together and sold as investments worldwide........people could not pay their mortgages.......everything collapsed.

    777
     
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  2. badddoin, Jan 8, 2016

    badddoin

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    As usual, the Rs want to blame the Ds, the Ds want to blame the Rs. Everybody had their finger in the pie. But there's only so much filling.

    If you're not making money in this economy, you just don't know how to make money. Period.
     
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  3. Grizzoola, Jan 8, 2016

    Grizzoola

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    The problem w/ Trump is, he doesn't realize he can't run a democracy like he can run his companies. There's a vast difference between working thru all the conflicting values that government has to answer and running a business where you have the final say. If Trump is elected president, he's going to get a rude awakening as to what government is all about.

    You like his broad, confident statements, "I'll do this. I'll do that." Obama had the same intent. But, unless his Congress is behind him, he'll do zilch, despite all his bravado.
     
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  4. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Looks like neglected to copy the author as well. It was from American Spectator. it was about 6 years old. It still does not detail enough as it give impressions the events were two party. They were but only to a mild respect.
    Sorry I didn't post the link.
     
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  5. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    You are too young to remember Ol Ronnie Reagan Stomping into the halls of congress and dressing the Democrats down to get his way especially on Tax reform. Both houses were Democrat and both houses passed the bills he proposed. It was something to see.
     
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  6. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Baddoin welcome back. Hope your trip was good. True it sure seems to look thst way which is why I look at the facts from both sides. That way I can form a informed opinion which helps me make my decisions come voting time.
     
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  7. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Not just lowered standards but required to loan or else...

    Passed by Congress in 1977, the Community Reinvestment Act (CRA) states that “regulated financial institutions have continuing and affirmative obligations to help meet the credit needs of the local communities in which they are chartered.” The act then establishes a regulatory regime for monitoring the level of lending, investments, and services in low- and moderate-income neighborhoods traditionally underserved by lending institutions. Examiners from four federal agencies assess and “grade” a lending institution’s activities in low- and moderate-income neighborhoods.

    If a regulatory agency finds that a lending institution is not serving these neighborhoods, it can delay or deny that institution’s request to merge with another lender or to open a branch or expand any of its other services. The financial institution regulatory agency can also approve the merger application subject to specific improvements in a bank’s lending or investment record in low- and moderate-income neighborhoods.

    http://www.ncrc.org/programs-a-serv...nu-80/a-brief-description-of-cra-mainmenu-136
     
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  8. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    It was all Bush's fault

    95th Congress (1977–1979)
    Congressional Profile
    Total Membership:
    • 435 Representatives
    • 3 Delegates
    • 1 Resident Commissioner
    Party Divisions:*
    • 292 Democrats
    • 143 Republicans
    *Party division totals are based on election day results.

    • Election Statistics, 1976 [PDF]
    Congress Overview


    The Democrats retained control of Congress and won the presidency in the 1976 elections. Thomas P. “Tip” O’Neill of Massachusetts succeeded Speaker Carl Albert of Oklahoma following his retirement in 1977. But despite their one-party control of the federal government, Democrats failed to pass President Jimmy Carter’s comprehensive energy program. The 95th Congress (1977–1979) produced only stop-gap energy legislation. Congress reformed the process for low- and middle-income bank loans, deregulated the airline industry, and added more than 150 federal judgeships.
     
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  9. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    That Damn BUSH!!!

    In the spring of 1995, the federal agencies released new CRA regulations. The regulations outline how federal agencies are to assess the activities of lending institutions in traditionally underserved neighborhoods. The federal agencies conducting CRA examinations are: the Office of the Comptroller of the Currency (http://www.occ.gov) that examines nationally chartered banks, the Office of Thrift Supervision (http://www.ots.treas.gov) that examines savings and loan institutions, and the Federal Deposit Insurance Corporation (http://www.fdic.gov) and the Federal Reserve Board (http://www.federalreserve.gov) - both of whom examine state chartered banks.

    The CRA regulations had been revised as part of the Clinton administration’s initiative to create performance-based and objective standards. The new regulations attempt to satisfy community activists by focusing more attention on the lending, investment, and service records of banks. The regulations also attempt to reduce the amount of paperwork required of lending institutions. Gone are previous paper trail generating requirements such as documenting participation by a bank’s board of directors in reviewing CRA compliance. In their place, are examinations that are suppose to flexibly assess lending activities in low- and moderate- income neighborhoods of institutions of various financial capacities.

    The CRA regulation establishes various tests for lending institutions of different sizes and a strategic plan option. Under each test, examiners rate banks according to their lending records and responsiveness to community needs. Banks receive a score based on their evaluations of “outstanding”, “satisfactory”, “needs to improve”, or “substantial non-compliance.” The last two scores can result in delays or denials of mergers, acquisitions, or expansions of services.

    Lending institutions with assets greater than $1 billion are subjected to the most rigorous exams. They are evaluated under a lending test that considers the number and percentages of loans made to low- and moderate-income individuals and communities. Likewise, they are evaluated under an investment test and a service test that consider, respectively, the number and types of investments and services (branches and bank accounts) in low- and moderate-income communities. When conducting the evaluations, examiners are to consider the “performance context” of the lending institutions. In other words, examiners are advised to consider factors such as the business opportunities available to a lending institution and the size and financial condition of the lending institution.
     
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  10. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Damn Bush again ... er sommmore..

    • Weren’t the majority of the subprime loans made by mortgage service companies not subject to the CRA?
    This is true. But it is largely beside the point. A huge driver of the demand for subprime loans was the demand for CRA bonds. Banks operating under the CRA could meet their obligations by buying up CRA loans or MBS built from CRA loans. The CRA created a demand that the mortgage servicers were meeting.

    What's more, many smaller mortage service companies hoped to be acquired by larger banks. Increasing their CRA lending made them more attractive take-over targets.

    A study put out by the Treasury Department in 2000 found that the CRA was encouraging the mortgage servicers to provide loans to low-income borrowers, in part because the CRA loans had been so successful.

    Finally, the Clinton adminstration threatened to subject the mortgage companies to the CRA if they didn't comply voluntarily. They promptly agreed to increase their CRA-type lending in order to escape the kind of public scrutiny that comes with official CRA regulated status.

    • If the CRA was forcing all this lax lending, why weren't bankers objecting?
    Are you really in the dark about why the leaders of large public corporations wouldn't publicly object to a piece of civil rights legislation? Fine. I'll be totally open with you: this would have been career suicide and an open invitation to bias litigation and increased scrutiny from regulators. In this case, silence is misleading.

    What's more, no one said the bankers hated the lax lending the CRA was requiring. Sure, some did. But those people were quickly shown the door, while the enthusiasts were promoted. The regulations themselves selected for enthusiasts for the program of lax lending.
     
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  11. Onautopilot, Jan 8, 2016

    Onautopilot

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    Obama taught at the Law School of Chicago for 12 years.....I think that qualifies as a job!
     
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  12. Grizzoola, Jan 8, 2016

    Grizzoola

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    No, not too young; I'd wager I'm far older than you. As to RR, it was clear the country was behind him, to its now chagrin. He launched this ridiculous "war" on our government. Read up on your history of American socio-economic history in the 20th Century. Our government has done far more good for Americans than his and your vaunted private sector, which sucks the lifeblood (money) out of the natural flow of any healthy economy.

    Who put more people on the streets? You private enterprisers, or the federal government, which time & again has had to step in and save this country from your discredited private enterprise. Saying this, I'm not against the private sector; all I'm advocating is a proper balance between the socialistic programs of government and the enterprise of the private sector.

    As to your railing against the federal government for enabling the Great Recession due to its policies, those policies were well supported by the private sector; it was only when the private sector big banks, with their Ph.D. mathematicians invented credit default swaps and related products that the economy was at risk. Bubbles burst.

    The onus is on the private sector for the Great Recession and the Great Depression, and there is nothing you can say that will refute that fact.
     
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  13. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Statement Regarding Barack Obama
    The Law School has received many media requests about Barack Obama, especially about his status as "Senior Lecturer."

    From 1992 until his election to the U.S. Senate in 2004, Barack Obama served as a professor in the Law School. He was a Lecturer from 1992 to 1996. He was a Senior Lecturer from 1996 to 2004, during which time he taught three courses per year. Senior Lecturers are considered to be members of the Law School faculty and are regarded as professors, although not full-time or tenure-track. The title of Senior Lecturer is distinct from the title of Lecturer, which signifies adjunct status. Like Obama, each of the Law School's Senior Lecturers has high-demand careers in politics or public service, which prevent full-time teaching. Several times during his 12 years as a professor in the Law School, Obama was invited to join the faculty in a full-time tenure-track position, but he declined.

    Not really a JOB. More like a position. Wonder how often he actually spoke and what he got paid.
     
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  14. Onautopilot, Jan 8, 2016

    Onautopilot

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    I have no idea exactly what Obama's relationship with the law school was, or what he got paid, I just know what I have read is all.

    I do know that I did much the same thing, on a much lower level....at a city college. I was paid, and it damn sure was a "job"....if you have ever prepared for a lecture, given to college students, I'm sure you would agree with that! :)
     
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  15. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    JP Morgan paid the Governments bills 1893
    J.P. Morgan And The Reverse Bailout That Saved The U.S.
    1, February 6, 2011 jonathanturley Constitutional Law, Politics, Society
    Submitted by Mark Esposito, Guest Blogger

    Author’s note: Another in a series of obscure American history viginettes.

    [​IMG]Bush’s multi-trillion dollar bailout was nothing new in American history; the money just flowed in a different direction. In America, where the banking monarchy has long memories and keeps ledger books going back centuries, it was just repayment of a debt incurred before the turn of the last century to a new generation of our financial princes.

    Things were getting desperate for President Grover Cleveland in the early months of 1895. The U.S. economy was collapsing under the burden of falling prices and rising unemployment that began with the Panic of 1893. Now eighteen months later, millions were unemployed. Without a central banking system and a currency backed by gold, the Treasury’s reserves were dropping too. Normally, the Treasury held gold reserves comfortably above the statutory floor of $100 million. By January 24, 1895, the Treasury has only $68 million. Scarcely a week later was it down $45 million.

    Nervous investors began to demand gold for their dollars and a run on the Treasury was inevitable. The proposed plan to subsidize the gold standard with silver reserves only made creditors more anxious and the run accelerated. For his part, Cleveland tried to avert the disaster. With his Treasury Secretary, John Carlisle, Cleveland had proposed a plan to sell government bonds to the public to raise $60 million. The rapid run on the Treasury made than tedious process unworkable. The concern at the White House grew when Carlisle confidentially advised the President that the Treasury had gold reserves of $9 million, and that one single investor held a draft ostensibly worth $10 million. Insolvency o f the government was inevitable unless a source of funding could be found – indeed a bailout of the U.S. government was the only hope.

    Enter Wall Street financial baron John Pierpont Morgan. Son and grandson of Wall Street bankers, Morgan may have been the most repulsive man on the Street. Suffering from a visage marked by chronic rosacea, Morgan avoided the public eye which only added to his reputation as a secretive, voracious gobbler of railroads and other businesses. Morgan was the original Wall Street shark, swooping in to grab an unsuspecting company and then retreating into the murky waters of finance leaving only the remnants of his presence. Using his financial power to extract concessions from major U.S. companies, he insinuated himself onto scores of managing boards by exchanging forgiveness of debt for seats. He used the knowledge derived therefrom to grow his steel trust into America’s first billion dollar business.

    Morgan was keenly aware of the Government’s plight, and like all captains of industry saw both danger and opportunity. His financial empire founded on commercial railroad service needed a stable and growing economy. An imploding government was contrary to those needs, and Morgan understood that what was good for the U.S. Treasury was also good for business — his business.

    Grover Cleveland well-knew Morgan’s reputation, and avoided his offers of help as long as he could. Finding no alternate, Cleveland reluctantly agreed to see him only when reports of Morgan’s trip to Washington eased the run on the Treasury. Perhaps Cleveland could use the banker’s prestige but avoid using his money to save the Country. No such luck.

    http://jonathanturley.org/2011/02/06/j-p-morgan-and-the-reverse-bailout-that-saved-the-u-s/
     
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  16. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Waaaaaa????
     
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  17. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Like what???
     
    #37
  18. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    When. Give e one example.
     
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  19. Settingcanthurt, Jan 8, 2016

    Settingcanthurt

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    Again WTF are you talking abut??? Evidence to support your statements please.
     
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  20. Grizzoola, Jan 8, 2016

    Grizzoola

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    Damned right. He & only he opened the flood gates of those gnashing their teeth at the government programs that helped people and built the middle class. RR was the worst president this country ever had, bar none.
     
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