Users who Dugg This
Maritza Hernandez
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roywrFeb 6, 2012
Explain this to me: WHY AREN'T THESE CRIMINALS IN JAIL? Because we don't really have a two party systen any more in this country. It's all a big shell game for the dumb public.
stevanoskiFeb 6, 2012
Because they backed Obama
bluto36Feb 6, 2012
that is one way to stay out of jail...
the Chicago Way
stevanoskiFeb 6, 2012
LOL, well said.
angelofchaos99Feb 7, 2012
Grease the wheels BEFORE they squeak for best results.
nsaneyFeb 7, 2012
So this happened during the Bush years and now you blame Obama. LMFAO
Bush put his boys in charge of them. Hell, they did not even get into the risky stuff until then the best that I have read.
Atropos19Feb 7, 2012
Well, they both are to blame for s**t like this. Bush was an awful president too. They both sent out billions of dollars of corporate welfare to companies who don't deserve it.
Closed AccountFeb 7, 2012
You cannot be punished by a system you control. They own f**king everything
kantspelwriteFeb 6, 2012
Rather go to bed with out dinner than to rise in debt.
--Benjamin Franklin
bluto36Feb 6, 2012
not anymore ben...
ben would not like Mr Krugman
Closed AccountFeb 7, 2012
my money is on ben. ben would kick his ass then bang a french hottie.
laborerFeb 7, 2012
Dugg.
Liberal 'intellectuals' like to expound about how the market downturn was due to nebulous 'deregulation' but fail to consider the effect of their own leftist rules to loan to people who couldnt afford it.Comment is buried, click here to see the rest.
kaelyiestaFeb 7, 2012
It amazing me how long that talking point has persisted. Even a cursory glance at the number of regulations in the US federal register shows an ever increasing number. Bush, the so called 'great deregulator' added literally thousands of pages of new regulations during his time in office. This includes regulations for the financial industries too. Deregulation did not happen, yet the myth persists.
elliotysFeb 7, 2012
If anyone really wants to understand the subtleties of what happened, and realize BOTH parties are to blame, them read "all the devils are here". This thread is ridiculous, get educated.
pivenFeb 6, 2012
Fannie and Freddie executives also get huge bonuses from the taxpayers.
No more bonuses and the federal government should [ never will ] get out of this Fannie and Freddie mess.
blean1Feb 6, 2012
You still want to name Bush? What are you people? Look through the Congressional Record, and other sources, and you see the Bush administration warned Fannie Mae and Freddie Mac no less than 15 times, and Barney said all was cooll.
stevanoskiFeb 6, 2012
ah, facts, the Left lives in Utopia where facts are irrelevant.
synnFeb 8, 2012
Yeah...the left live in a fantasy land.
Hey what's the book of fairy tales the right likes so much? I think it's called The Bible. Stories of magical gardens, talking snakes, people parting seas, people living in whales, and more stories that are completely real and totally happened. Now that is living with facts.
ferretmanFeb 8, 2012
Not quite sure what that has to do with the topic at hand.....
synnFeb 8, 2012
You mean you're a Christian and that offended you.
jhw539Feb 7, 2012
Most of us lived in reality, where Republicans controlled the Senate, Republicans controlled the House, and they gave the Republican controlling the Whitehouse anything he wanted. And - check the Congressional Record - Democrats, spineless as they are, never filibustered efforts to 'reign in' Fannie Mae or Freddie Mac. Barney and Bush's soundbites don't mean jack if you're going to be so clumsy as to accept reality, with its well known liberal bias.
So sure, lets play the 'check reality' game. It does have blame to go around to both parties, but the villianization of Fannie Mae and Freddie Mac is a fiction.
http://www.factcheck.org/2008/10/who-caused-the-economic-crisis/
letherialFeb 7, 2012
To many people want to live in this social-centric ideology that what ever facts are presented, it is filtered first through ideology and if it cannot fit, then it is ignored...but if you can put blame on opposition then facts are exaggerated.
Reality is not so black and white, your simplistic view only further the problem and it will happen again, blame sits on your shoulders (and people who think like you) because finger pointing while blind doesn't point anywhere.
get your facts straight, sure call out the opposition, but call out your own party as well.
blean1Feb 7, 2012
'social-centric ideology'....Wow...I don't even know what that exactly means, professor. Of course as human beings we have a 'social-centric' view. Go back to 'facebook'. 'Facts straight?' Ok, The CRA 'which started the whole mess, was dreamt up by Carter, and pushed by Clinton. DENY it. When it was obvious (from the beginning) that money comes from production, they forced banks to 'give' sub-prime loans. Terms I'll bet you wouldn't even give your own brother. But the US has plenty (?!) of other people's hard-earned money to blow on that nonsense. When cornered even the 'master' of bulls**t Barney, couldn't answer straightforward questions.
Hmmm. Wonder why he isn't running this year.....
letherialFeb 7, 2012
thanks for proving my point...sorry i am no professor; that was all pulled out of a basic critical thinking class. Looking for facts does not require a degree.
roywrFeb 7, 2012
You can blame both the Republicans and Democrats for this Fannie Mae mess. They all looked the other way because it ment votes to both parties. You see, the real truth is that we don't have a two party system in this country any more. It's all a big shell game for the dumb stupid public.
raineydoreenFeb 7, 2012
People should also know how to manage their finances and determine what amount of loan they can only afford to pay to avoid such fraud.
jhw539Feb 7, 2012
Bankers are the ones who are paid millions of dollars to properly allocate capital. As the (well paid) professionals, it is entirely reasonable that they take the brunt of the blame for failing to do their paid job worth a damn.
spc4Feb 7, 2012
Barney Frank , Maxine Walters, Chris Dodd all wanted wanted social equality for everyone"The American dream of owning a house". A noble cause, however forcing (writing into law) banks to take loans from people who can not afford it is economic suicide. Back in 98 conservatives warned of this, and was abruptly dismissed for political in-correctness.
jhw539Feb 7, 2012
Funny how you forgot to add in President Bush to the list of villains pushing banks to lend money. Here are some actual videos to refresh your memory.
http://bigpicture.typepad.com/comments/2008/10/president-bush.html
sloppyjoes7Feb 6, 2012
But Fannie Mae was a government regulated entity, and the solution to fraud is government regulation!
novenatorFeb 6, 2012
How about we stop appointing shady corporate execs and right wing, pro-deregulation people to these posts (thanks Bush), and stop *hamstringing* the regulatory agencies to begin with?
bluto36Feb 6, 2012
2001 Bush did it
2002 Bush did it
2003 Bush did it
2004 Bush did it
2005 Bush did it
2006 Bush did it
2007 Bush did it
2008 Bush did it
2009 Bush did it
2010 Bush did it
2011 Bush did it
2012 Bush did it
nove both you and Barney Fwank have over 12 years of hot dogs and buns in both hands, ketchup and mustard all over your mouth...
but Bush made you eat those weiners? rightComment is buried, click here to see the rest.
novenatorFeb 7, 2012
Your repeated use of the word "fwank" is clearly a sign of homophobia.
bwiiiFeb 7, 2012
Brother, you don't have to be such a fWanker...
batfishyFeb 7, 2012
Fwank? People without a valid argument are the ones who make fun of things that really aren't funny.
What a sweet bunch of people the moral majority turned out to be.
letherialFeb 7, 2012
you have no argument skills, stay away from it.
stobbesFeb 7, 2012
"Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
-Ron Paul (R-TX), September 10, 2003.
But he can't be right, he has an R next to his name!
craig1958Feb 7, 2012
In this case he is correct, everyone knew that the housing bubble would eventually collapse and these financial instruments would be worthless. This isn't a political thing, this is a greed thing. Both parties traded long term security for short term gains and trusted the financial institutions to use some caution; they were wrong.
BTW, he never really had a R next to his name; everyone knows that too.
Closed AccountFeb 7, 2012
i am so happy to see both sides of digg come down on Fraud Mac. conscious people on both sides unite, support primary challengers to sitting congressmen in your OWN party.
jjfateFeb 6, 2012
This has the potential to be an interesting story, and I really wanted to know more about this. Unfortunately the story was poorly written and details were lacking in the sense that it assumes everyone that reads the article is already fully aware of the specifics.
pivenFeb 6, 2012
In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives' bonuses were linked – by a stunning $9.3 Billion. Between 1998 and 2003, Fannie Mae's executive chairman, Franklin Raines, picked up over $90 Million in bonuses and stock options.
Yet Barney Frank , Maxine Walters, Chris Dodd, and pals blocked all attempts to put a rein on Raines.
let us praise Congressman Artur Davis of Alabama, who confessed :
" Like a lot of my Democrat colleagues I was too slow to appreciate the recklessness of Fannie and Freddie when in retrospect I should have heeded the concerns raised. I wish my Democrat colleagues would admit that we were wrong. "
Congressman Davis will not go far in corrupt DC with this attitude – but at least he will be able to look at himself in the mirror.
--------------------------
The Community Reinvestment Act and the expansion of it in the mid-90s that is the root cause of this problem.
Why is no one talking about this?
The CRA forced banks to find clever ways to lend money to people who can not afford to pay it back.
http://www.thisislondon.co.uk/standard/article-23563172-dont-blame-bankers-its-down-to-a-man-called-bill.do
BluntzworthFeb 7, 2012
"The Community Reinvestment Act and the expansion of it in the mid-90s that is the root cause of this problem.
Why is no one talking about this?
The CRA forced banks to find clever ways to lend money to people who can not afford to pay it back."
I know people love to demonize the CRA but that is not what the CRA did. The CRA was created to prevent redlining, a practice that banks favored, in which they would draw actual red lines on a map and not loan any money to any person who lived in that area. The CRA never stated that banks have to loan money to people who couldn't afford it or payback the loans. It stated that if a person lived in a certain geographic area (the REDLINED area) but they had appropriate credit scores and appropriate income, then the banks could not descriminate against this person based off of geographical area.
pivenFeb 7, 2012
Barney Frank Caught Lying About Fannie Mae
http://www.youtube.com/watch?v=2UZ9l_AxKjA&feature=related
BluntzworthFeb 7, 2012
What does that have to do with the CRA?
pivenFeb 7, 2012
Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending.
evidence is overwhelming that the CRA played a significant role in creating lax lending standards that fueled the housing bubble.
http://articles.businessinsider.com/2009-06-27/wall_street/30009234_1_mortgage-standards-lending-standards-mortgage-rates
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.
senior Democrats as Barney Frank, Chairman of the House Financial Services Committee blocked all attempts to put a rein on Franklin Raines.
When Mr Raines himself was challenged that his ratio of capital to assets ( that is, mortgages ) of 3 per cent was dangerously low, the Fannie Mae boss retorted that " our assets are so riskless, we could have a capital ratio of under 2 per cent . "
http://www.metacafe.com/watch/2005374/shocking_video_unearthed_democrats_in_their_own_words_covering_u/
BluntzworthFeb 8, 2012
So you give a blog as hard fact?
Even in your link there are people, who know what they are talking about, shooting down the notion that the CRA caused all these problems.
The Gramm-Leach-Bliley Act is the real culprit, as it removed the protections provided by the Glass Steagall Act of 1933 (you know the legislation that was passed to help prevent a future Great Depression). Is it a coincidence that several years after the removal of the protections of the Glass-Steagall act we have The Great Recession?
jpurdyFeb 8, 2012
Senator Phil Gramm, now a VP at UBS, was well rewarded for his work on the behalf of the financial industry. Just as Newt Gingrich was well paid by Freddie Mac for his valuable work as an historian.
jpurdyFeb 8, 2012
@piven, your logic is incredibly partisan bulls**t, devoid of any real understanding of the mortgage crisis. You ignore the facts in blatent ideological nonsense.
Here's a fact for you, which you will ignore -
George W. Bush Oct 2002 - "You see, we want everybody in America to own their own home."
Want to question this source? http://georgewbush-whitehouse.archives.gov/news/releases/2002/10/20021015-7.html
ferretmanFeb 8, 2012
@jpurdy - Looks like he had good company:
President Bill Clinton, 1994 - "I call on HUD Secretary Henry Cisneros to come up with a plan... that argues for creative measures to promote home ownership."
http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html
jpurdyFeb 8, 2012
@ferretman, I heartily concur that the mortgage crisis was the result of incompetence and irresponsibility by legislators from both parties.
However, take a look at the increase in sub prime loans under the Bush administration. That was a primary cause of the mortgage collapse, the financial disaster of collateralized debt obligations, and the resulting recession.
http://www.bloggingstocks.com/2008/01/18/why-the-bush-debt-recession-will-topple-clintons-equity-recessi/
mercedrocksFeb 7, 2012
This what happens when u have the govt meddling in the marketplace.
Govt bailouts and backed entities like FMac and FMae create the real problems.
Crooks need to go bankrupt not get bailed out!
But as usual the DEMs and REPS will just blame one another and nothing will get fixed.
proremodelers1Feb 7, 2012
They screw us now we should screw them!
jpurdyFeb 8, 2012
George W. Bush 2002 - "You see, we want everybody in America to own their own home."
http://georgewbush-whitehouse.archives.gov/news/releases/2002/10/20021015-7.html
etubruteFeb 7, 2012
Trillion of dollars, countless golden parachutes and god knows how many empty promises nothing has been done. The same system who has bought on the collapse still exist both political parties are not going to do anything about it because they are owned by corporations.
The only time democrats or republicans talk about fiscal responsibility is when it comes to building our country or helping people. We need a third party badly on the things that really matter both parties are two sides of the same coin.
jxkeFeb 7, 2012
I'd let them know about something else...
battmannFeb 7, 2012
Companies can go bankrupt and get a hand from the govt., but as long as its a big company that deals with trillions of U.S. American dollars, they deserve to get a blow job and a reach around while also getting a retirement check too! Wow, i need to start a business so it can be a shell so i can launder or lie or fake papers and reports to blow steam up other companies asses to make them look good too in everyone's eyes. Wow guess they showed the world what we need to be doing to steal some money from our taxpayers and govt, right? When the f**k are the feds going to get off their ass and find the real dicks that started this war and lied to the american people and hid information and video of a so called plane that hit the pentagon, but won't show the video, therefore a 747 didn't hit the pentagon like everyone said. Since they are too pussy to show what hit the pentagon , then that would explain why there was no wreckage to flight 93 , just a burn mark in the ground with no engines, no wings, no 1000-2000 gallons of burnt jetfuel around on the ground and no bodies! Hmm, something has seemed very fishy since day one of 9-11 for many f**king reasons and the people want to see the real f**ks behind it charged, not some fake bulls**t that was made to look like some saudi's did it! So who's gonna be the one with the balls here? Cause i'd hate to see god destroy this whole planet because these so called 1% elite want to take us for everything we're worth. That was the plan, to take as much as they could before it went bust! Now that its bust their money is going to deflate just like ours! But not like they didnt make a s**t load on the towers falling anyway! on insurance money and they got rid of the asbestos in the towers and spread it through all new yorks lungs! what a world we live in!Comment is buried, click here to see the rest.
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