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Old December 23rd, 2017, 08:53 AM   #21
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It was a campaign promise, a trillion in infrastructure, where's that bill now?

Well now, after the tax cut, we don't have the money.

How many of those steel workers voted for Trump?
Trusting in Trump is the first step in getting screwed by Trump.
I sure hope we do not spend a trillion in infrastructure. Glad we reduced taxes though. Especially the corporate rate. We are going to have a wonderful next few years because of it.
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Old December 23rd, 2017, 09:10 AM   #22
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And of course the push by Bill Clinton (and GW Bush) to expand home ownership by pushing Fannie Mae and Freddie Mac to make sub prime loans.
The loans that defaulted weren't made when Bill Clinton was in the White House, they were made in 2005 and 2006, when the demand for mortgages as the raw material for mortgage derivatives drive the price to 105.
That's when the supply of mortgages with 20% down and verified income and employment history ran out, and so the originators dropped the requirements. That's when you could get a no fee, no points, no docs mortgage for 125% of appraised value.
It was greed on the part of the banks that drove the writing of bad mortgages, it was a massive failure of the market system.
Amplified by an unregulated credit default swap market, with a face value of 77 trillion dollars, and no capital requirements.
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Old December 23rd, 2017, 09:13 AM   #23
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The loans that defaulted weren't made when Bill Clinton was in the White House, they were made in 2005 and 2006, when the demand for mortgages as the raw material for mortgage derivatives drive the price to 105.
That's when the supply of mortgages with 20% down and verified income and employment history ran out, and so the originators dropped the requirements. That's when you could get a no fee, no points, no docs mortgage for 125% of appraised value.
It was greed on the part of the banks that drove the writing of bad mortgages, it was a massive failure of the market system.
Amplified by an unregulated credit default swap market, with a face value of 77 trillion dollars, and no capital requirements.
lots and lots of loans made while Bill Clinton was in office defaulted in the real estate bubble. It was government driven Fannie Mae and Freddie Mac bad loans that burst the bubble and those were going like gangbusters at the directive of Clinton and then continued under Bush.
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Old December 23rd, 2017, 09:15 AM   #24
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I sure hope we do not spend a trillion in infrastructure. Glad we reduced taxes though. Especially the corporate rate. We are going to have a wonderful next few years because of it.
We don't really need to spend the money on infrastructure, we can wait for China to take over and fund the infrastructure as we become their vassal state.
By then Donald will be dead, and he really doesn't care what comes next.

It's nice to have an economic policy designed around the life expectancy of an overweight 77 year old who eats fast food and doesn't exercise.
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Old December 23rd, 2017, 09:51 AM   #25
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We don't really need to spend the money on infrastructure, we can wait for China to take over and fund the infrastructure as we become their vassal state.
By then Donald will be dead, and he really doesn't care what comes next.

It's nice to have an economic policy designed around the life expectancy of an overweight 77 year old who eats fast food and doesn't exercise.
Obama and the Dems spent a trillion dollars and an alleged infrastructure bill premised a stimulus. In reality it was a slush fund for various groups to plunder. Remember it was to be "shovel ready" projects. So theoretically all bridges and overpasses have already been repaired because we got that bill added to our national debt. You want to do that again? I don't.
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Old December 23rd, 2017, 10:36 AM   #26
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And of course the push by Bill Clinton (and GW Bush) to expand home ownership by pushing Fannie Mae and Freddie Mac to make sub prime loans.

Barney Frank.
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Old December 23rd, 2017, 10:40 AM   #27
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Obama and the Dems spent a trillion dollars and an alleged infrastructure bill premised a stimulus. In reality it was a slush fund for various groups to plunder. Remember it was to be "shovel ready" projects. So theoretically all bridges and overpasses have already been repaired because we got that bill added to our national debt. You want to do that again? I don't.
Planned US infrastructure spending is 3.8 Trillion short of what is required.
Even if Trump came up with the Trillion, it's still short.

What the Republicans did succeed in doing , is they kept the spending down, during the period when we really could have used the spending, and the money could have been borrowed for a very low interest rate, now we can spend less, get even less, and pay back more, and the lack of infrastructure will work to slow growth.

Perfect!
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Old December 23rd, 2017, 10:45 AM   #28
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Big black



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The only good policeman is a dead one
The only good laws aren't enforced
I've never hung a darkie, even a big one
I've never seen an Indian on a horse
And I live like this cause I like it
And seen too much to pretend
You can't ignore the beauty in the things that you love
Like you can't stand the hatred and the lies
Have you always hunted with your hands?
Can you show me what you've done?
Have you always hunted with your hands?
If you catch it, can you kill it?
You don't understand, see you don't understand
See, I'm like a murderer, see, I'm like a murderer
And I could rip you limb from limb
And I could rip you limb from limb
Great big thing crawlin' all over me
Great big thing crawlin' all over me
See, I'm like a murderer, I kill what I eat
See, I'm like a, I'm a hunter-gatherer, see, I kill what I eat
See, I'm a steelworker, I kill what I eat
See, I'm, I'm a bricklayer, I kill what I eat
See, I'm a, I'm a murderer, I kill what I eat
See, I'm a, I'm a hunter-gatherer, I kill what I eat
See, I'm a steelworker, I kill what I eat
I'm a, I'm a bricklayer, I kill what I eat
Great big thing crawling all over me
Great big thing crawling all over me
Great big thing crawling all over me
Have you always hunted with your hands?
Can you show me what you've done?
Have you always hunted with your hands?
If you catch it, can you kill it?
I live like this cause I like it
And I've seen too much to pretend
You can't ignore the beauty in the things that you love
Like you can't stand the hatred and the lies
See, see, see I'm a murderer, I kill what I eat
See, I'm, I'm a bricklayer, I kill what I eat
See, I'm a steelworker, I kill what I eat
It's a great big thing crawlin' all over me
Great big thing crawlin' all over me
Great big thing crawlin' all over me

https://youtu.be/2ruuMh0fF5s
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Old December 23rd, 2017, 10:46 AM   #29
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... Your stale talking points have been debunked on this site over and over.

No such debunking has taken place, except debunking you and your stale talking points.

Quote:

Mortgage brokers had to be able to sell their mortgages to someone. They could only produce what those above them in the distribution chain wanted to buy. In other words, they could only respond to demand, not create it themselves. Who wanted these dicey loans? The data shows that the principal buyers were insured banks, government sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac, and the FHA—all government agencies or private companies forced to comply with government mandates about mortgage lending. When Fannie and Freddie were finally taken over by the government in 2008, more than 10 million subprime and other weak loans were either on their books or were in mortgage-backed securities they had guaranteed. An additional 4.5 million were guaranteed by the FHA and sold through Ginnie Mae before 2008, and a further 2.5 million loans were made under the rubric of the Community Reinvestment Act (CRA), which required insured banks to provide mortgage credit to home buyers who were at or below 80% of median income. Thus, almost two-thirds of all the bad mortgages in our financial system, many of which are now defaulting at unprecedented rates, were bought by government agencies or required by government regulations.

The role of the FHA is particularly difficult to fit into the narrative that the left has been selling. While it might be argued that Fannie and Freddie and insured banks were profit-seekers because they were shareholder-owned, what can explain the fact that the FHA—a government agency—was guaranteeing the same bad mortgages that the unregulated mortgage brokers were supposedly creating through predatory lending?

The answer, of course, is that it was government policy for these poor quality loans to be made. Since the early 1990s, the government has been attempting to expand home ownership in full disregard of the prudent lending principles that had previously governed the U.S. mortgage market. Now the motives of the GSEs fall into place. Fannie and Freddie were subject to "affordable housing" regulations, issued by the Department of Housing and Urban Development (HUD), which required them to buy mortgages made to home buyers who were at or below the median income. This quota began at 30% of all purchases in the early 1990s, and was gradually ratcheted up until it called for 55% of all mortgage purchases to be "affordable" in 2007, including 25% that had to be made to low-income home buyers.
How The Government Caused The Mortgage Crisis - Business Insider

Last edited by Kelvin; December 23rd, 2017 at 10:52 AM.
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Old December 23rd, 2017, 10:49 AM   #30
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Barney Frank.
Exactly. Did he get fired after that? No. Did anything get changed after the whole melt down? Nothing that would have an impact on the actual problem. I think we will have another real estate bubble burst because little was changed.
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