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wbw
Trad climber
'cross the great divide
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Dec 16, 2014 - 03:00pm PT
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Quote Here this doesn't ring true. Especially since Freddie and Fannie were not the only ones purchasing toxic mortgages. Lots of places were. Including Citigroup.
True, but Fannie bought by far more than any other entity, and aggressively sold off the bundles of mortgages to those such as Citigroup. Meanwhile as various individuals tried to raise the alarm, Fannie unleashed it's enormous lobbying power to quell any resistance to it's continued growth. Everyone involved (except the borrowers who were duped by unscrupulous mortgage brokers) was making so much money they either looked the other way or outright lied to those they were accountable to. Some of those people are still in positions of great power in our financial system, and indeed had a role in bringing us back from the brink of economic collapse.
Again, had Fannie not had the backing of the US taxpayer, none of this would have occurred on the scale that it did.
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zBrown
Ice climber
Brujò de la Playa
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Dec 16, 2014 - 03:12pm PT
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Let's put an end to all this SILLY TALK OF REGULATION, afterall, LSMFT. Right?
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apogee
climber
Technically expert, safe belayer, can lead if easy
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Dec 16, 2014 - 03:14pm PT
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'So round, so firm, so fully packed...'
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Jorroh
climber
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Dec 16, 2014 - 03:20pm PT
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Thats in there Dave, its just part of the 50 million figure.
It certainly bumped up the default rate, but as mentioned the default rate used was 28% when the actual default rate....even for the worst, private mortgage originators such as Countrywide was something like 10- 15% at the height of the crisis.
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crankster
Trad climber
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Dec 16, 2014 - 08:39pm PT
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Chaz
Trad climber
greater Boss Angeles area
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Dec 16, 2014 - 09:29pm PT
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That's what The Government does when it has money. They give it to their pals.
This is why I always support any revenue cutting or tax cutting measure.
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crankster
Trad climber
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Dec 17, 2014 - 06:54am PT
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Perfectly legal to go from finance before or after a job in government. Obviously, if you're looking for an economics advisor or Secretary of the Treasury you're not going to look for an auto mechanic or a plumber. However, the obvious danger of conflicts of interest ensue...
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dirtbag
climber
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Dec 17, 2014 - 07:43am PT
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Yes Chaz, if we only had no government everything would be peachy. The unregulated free market would ensure we have clean air, clean water, health care, education, functioning infrastructure, security, and regulation of financial institutions (because they did such a bang up job policing themselves before 2008). There would be no more poverty, because those lazy eyesores would die off or accept their lot in life, flowers would bloom on sidewalks, and dogs would no longer crap on lawns.
Someday, I hope to live in a free market utopia.
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Captain...or Skully
climber
in the oil patch...Fricken Bakken, that's where
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Dec 17, 2014 - 07:45am PT
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Ouch....burn!
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WBraun
climber
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Dec 17, 2014 - 07:46am PT
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Dirtbag -- "Someday, I hope to live in a free market utopia."
Just come join me on my planet .......
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Chaz
Trad climber
greater Boss Angeles area
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Dec 17, 2014 - 07:50am PT
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Dirtbag writes:
"Yes Chaz, if we only had no government everything would be peachy. "
Who is advocating for no government?
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wbw
Trad climber
'cross the great divide
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Dec 17, 2014 - 08:12am PT
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Several of those guys on the Citigroup chart were influential players in the housing bubble that led to the economic crisis of 2008. Funny how they have managed to avoid accountability for the mess that they helped create. Also funny how they have apparently thrived at a time when the rest of us have struggled as a result of their policy decisions.
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John M
climber
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Dec 17, 2014 - 08:12am PT
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This is why I alwayssupport any revenue cutting or tax cutting measure.
taken to its extreme, this would mean no government. Always is extreme..
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John Duffield
Mountain climber
New York
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Dec 17, 2014 - 08:19am PT
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Lost in all this, is the fact the President finally broke down and made the phone calls necessary to get the budget done without dramz. Like an ole time arm twisting Pres, like say LBJ.
Finally, he's starting to fill those shoes. To bad our Constitution prevents him from a third term. The Presidential Learning Curve, is really steep.
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WBraun
climber
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Dec 17, 2014 - 08:20am PT
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There's no accountability at all by criminals within the US govt in the last 13 years to the present.
2015 we will see so much coming out about these criminals it will make folks heads swim.
The security and intel folks already know and have known who all the key players are.
It's the masses that are always so far left in the dark .......
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crankster
Trad climber
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Dec 17, 2014 - 08:33am PT
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Relax everyone, you'll be smoking Cubans next year, not suffering from make believe, sinister conspiracies.
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Larry Nelson
Social climber
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Dec 17, 2014 - 08:41am PT
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Great discussion, and even civil. Thanks to all for the thoughtful posts.
I like a lot of what Warren is saying.
Thanks JEleazarian for your great insights.
Jorroh, you make some interesting comments and points on the financial meltdown. I'll need to digest them a bit more, but definitely some math I have not considered.
One issue on these potential candidates that I have not seen addressed are their ages when the election rolls around.
The average voter can be a bit shallow, ie, if Scott Walker runs, how much will his bald spot cost him?
WBraun wrote:
Just come join me on my planet .......
LMAO
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dirtbag
climber
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Dec 17, 2014 - 09:25am PT
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Chaz I've read several hundred of your political posts for the last 7 or 8 years. Without exception, all the posts I've read bash government as ineffective, corrupt, etc. You have consistently proposed severe reductions in government, without really addressing the enormous tradeoffs involved. The use of "no" government is an overstatement, but your proposals would severely neuter protections and services essential for a functioning modern society. Government bashing for its own sake, unfortunately, has become fashionable.
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rottingjohnny
Sport climber
mammoth lakes ca
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Dec 17, 2014 - 09:47am PT
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Everyone is in the dark on the planet Uranus..
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 17, 2014 - 09:55am PT
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Don't say that I didn't 'warren' y'all....
Banks loosen lending standards to levels seen before financial crisis
And stoopid Americans, who don't know the difference between APR and NPR, will go right
back to buying homes they can't afford.
It's not too late to repent. Jess sayin'... Does anybody think that Congress will do anything
other than hold some hearings?
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