Puterbac News Network and Political Discussion Thread

[Owlman]

That's up to $6,000 per year.

[puterbac]

Forbes

How The Government Created A Financial Crisis

http://blogs.forbes.com/peterferrara/20 ... al-crisis/

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In the early 1990s, these liberal/left activists began using the Community Reinvestment Act and anti-discrimination housing laws to allege discrimination against housing lenders who maintained traditional lending standards that excluded borrowers who were not creditworthy. Their demands reached the point of insisting that lenders discount bad credit history, no credit history, no savings, lack of steady employment, a high ratio of mortgage obligations to income, undocumented income and inability to finance downpayment and closing costs, while counting welfare and even unemployment benefits as income in qualifying for a mortgage. These unreasoned demands were imposed on financial institutions through overregulation, as HUD and Justice began threatening and even following through on discrimination suits, and bank regulators began downgrading institutions that refused to knuckle under.

But the big breakthrough came when President Clinton got on board with what was effectively an official national policy of looting the banks. As Stanley Kurtz explained for National Review:

“Finally, in June of 1995, President Clinton, Vice-President Gore and Secretary Cisneros announced the administration’s comprehensive new strategy for raising home-ownership in America to an all-time home high. Representatives from ACORN were guests of honor at the ceremony. In his remarks, Clinton emphasized that: “Our homeownership strategy will not cost the taxpayers one extra cent. It will not require legislation.” Clinton meant that informal partnerships between Fannie and Freddie and groups like ACORN would make mortgages available to customers “who have historically been excluded from homeownership.” In the end, of course, Clinton’s plan cost taxpayers an almost unbelievable amount of money.”

Clinton expanded the looting to Fannie Mae and Freddie Mac, forcing them through regulatory fiat to massively increase funds for subprime mortgages through their securitization practices. That securitization further spread severe damage once the housing bubble popped throughout the entire U.S. financial community, and beyond to financial institutions globally

The big problem wasn’t caused just by loans to low income borrowers. The problem was that once lending standards were trashed for these borrowers, they couldn’t be maintained for more creditworthy borrowers. This let more well-heeled speculators in on the scam, now able to qualify for highly speculative mortgages they could not have qualified for previously. That vastly expanded the resulting credit risk vulnerabilities for the financial system, and vastly pumped up the housing bubble far more.

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[puterbac]

Reaganomics Vs. Obamanomics: Facts And Figures

http://blogs.forbes.com/peterferrara/20 ... d-figures/

When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%. At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years). The Washington establishment at the time argued that this inflation was now endemic to the American economy, and could not be stopped, at least not without a calamitous economic collapse.

All of the above was accompanied by double -igit interest rates, with the prime rate peaking at 21.5% in 1980. The poverty rate started increasing in 1978, eventually climbing by an astounding 33%, from 11.4% to 15.2%. A fall in real median family income that began in 1978 snowballed to a decline of almost 10% by 1982. In addition, from 1968 to 1982, the Dow Jones industrial average lost 70% of its real value, reflecting an overall collapse of stocks.

[Owlman]

Again bullshit. If they took every defaulted loan to low income, it wouldn't come close to the losses that were eventually suffered. Just based on the value of those loans, the banks could have easily written them off.

The problem was the repackaging and reselling of some 2 billion and mortgage loans into securities that were rated higher and then sold on the open market for 1000's time their actual value. Lending it wasn't the problem The lying about what they were actually become the problem.

[puterbac]

Safe, Cheap Nuclear: Thorium Fluoride Reactors

By Joseph Archer

http://www.realclearscience.com/article ... 06239.html

[Big Orange Junky]

Let me know when you need a surgical PA BOJ/ make you a lot of money in your practice slicing and dicing lumps/bumps/abscesses plus the wife wants to move one of these days to that part of the country.

Be a couple of years before you can afford me though---on second thought since your still below 12/hr maybe I should interview and hire you for my practice!

Well I prolly won't ever be able to afford you. I am going to a rural area, lower population. The patients need care, but medicine on the provider end has been slashed to the point that it's a volume game and I won't have the numbers to ever make enough money to hire a PA.

[Owlman]

Heh...

I ME MINE: Obama praises CIA for bin Laden raid, while saying 'I' 37 times...

'Not worried about who's getting the credit'...

Keep saying "I." You deserved it.

KKKKIIIIIIIiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiillllllllllllllllllllllllEEEEEEEEEEEDDDD Bin Laden!

[It's me Karen]

Driving while shaving...

http://www.cbsnews.com/8301-504083_162- ... 04083.html

[Owlman]

Talking out the side of your neck

[youtube]MYl6_bNv7as[/youtube]

[It's me Karen]

Driving while shaving...

http://www.cbsnews.com/8301-504083_162- ... 04083.html

I just want to know if the carpet matches the roots.

[Owlman]

Driving while shaving...

http://www.cbsnews.com/8301-504083_162- ... 04083.html

I'm just LMAO. Why didn't ex-hubby just drive?

[It's me Karen]

Driving while shaving...

http://www.cbsnews.com/8301-504083_162- ... 04083.html

I'm just LMAO. Why didn't ex-hubby just drive?

lol lol What a couple of idiots!

[puterbac]

http://en.wikipedia.org/wiki/Molten_salt_reactor

[puterbac]

Trooper Gary Dunick, describing what Ms. Barnes was thinking, explained, "She said she was meeting her boyfriend in Key West and wanted to be ready for the visit."

Read more: http://www.cbsnews.com/8301-504083_162- ... z1MzdUqLIx

[Owlman]

Trooper Gary Dunick, describing what Ms. Barnes was thinking, explained, "She said she was meeting her boyfriend in Key West and wanted to be ready for the visit."

Read more: http://www.cbsnews.com/8301-504083_162- ... z1MzdUqLIx

Very accommodating ex-husband

[Owlman]

Stephen Colbert and Jon Lithgow on Newt Gingrich campaign press release

[youtube]gJlL2vfXnJg[/youtube]

[Owlman]

another way at looking at it. The other Pub candidates must be in high cotton after Gingrich's flub

[It's me Karen]

Trooper Gary Dunick, describing what Ms. Barnes was thinking, explained, "She said she was meeting her boyfriend in Key West and wanted to be ready for the visit."

Read more: http://www.cbsnews.com/8301-504083_162- ... z1MzdUqLIx

Very accommodating ex-husband

I'll bet he was accommodating all right...himself.

[puterbac]

[youtube]AHs2Ugxo7-8[/youtube]

[Jungle Rat]

I can't wait till 6pm.