Barney Frank asking Fannie/Freddie to loosen lending standards on condos

[Etta Place]

Originally Posted by billbrasky

you cant sell greed with out a greedy buying public.

You refuse to admit millions of middle class folks made a fortune and flipped houses for astronomical profits for the better part of ten years.

Wrong. I never refused to admit that.

[getanxd]

Originally Posted by Etta Place

Pretty much. Along with the politicians that work for them.

you can not be serious. watch this view start to finish again. a 2004 capital hill video where the republicans were trying to reel in barney/democrats on the fannie/freddie CRAP.
Hot Air Blog Archive Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004

it was the Democrats, just admit it for once!
or maybe this link of a 1999 NY Times report on the "So Called" SubPrime loans.
Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

[Etta Place]

Originally Posted by getanxd

you can not be serious. watch this view start to finish again. a 2004 capital hill video where the republicans were trying to reel in barney/democrats on the fannie/freddie CRAP.
Hot Air Blog Archive Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004

it was the Democrats, just admit it for once!
or maybe this link of a 1999 NY Times report on the "So Called" SubPrime loans.
Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

No, I'm afraid that explanation is just too simplistic.

The Democrats were part of the problem, in that they and the Republicans deregulated financial institutions. And, both parties were promoting home ownership for a wider segment of our society. And, both parties didn't want to bust the economy by slowing down the real estate boom.

[machron1]

^^ She's right. It was a perfect storm of bi-partisan stupidity that sank the economy. Not to mention, the CDS's (Credit Default Swaps) aka "Grahm Swaps," named for their intentional unregulated status thanks to Phil Grahm, are one of the main reason many of these "too big to fail" companies are considered as such.

The way I see it, the Republicans and Democrats are each one slice of bread on an enormous $hit sandwich.

[nickb]

Barney and Chris INSTIGATED the crisis. Period.

Now Barney wants to start it all over again. If Franks total lack of hindsight does not open the eyes of those who refuse to see, nothing ever will.

[Etta Place]

Originally Posted by nickb

Barney and Chris INSTIGATED the crisis. Period.

Now Barney wants to start it all over again. If Franks total lack of hindsight does not open the eyes of those who refuse to see, nothing ever will.

Your first paragraph is wrong. You can read any knowledgeable summary of the crash of the financial sector, and Barney Frank and Chris Dodd are a just a part of the problem. They weren't even the chairmen of their committees from 1994 to 2006.

Your second paragraph, by implying that Barney Frank has not learned anything from the whole debacle, has an element of truth to it.

[getanxd]

Originally Posted by Etta Place

No, I'm afraid that explanation is just too simplistic.

The Democrats were part of the problem, in that they and the Republicans deregulated financial institutions. And, both parties were promoting home ownership for a wider segment of our society. And, both parties didn't want to bust the economy by slowing down the real estate boom.

how about at least 51% given to the Democrats? can you admit to that?

[Etta Place]

Originally Posted by getanxd

how about at least 51% given to the Democrats? can you admit to that?

No. All Washington politicians are partly to blame for the problem due to lax regulations, plus Wall Street, plus the Fed, plus all of the people who bought houses they couldn't afford, plus sleazy mortgage brokers, etc., etc., etc.

[longtalltechsan]

Originally Posted by Etta Place

I just wanted the original poster to comment more on what he thought about what Frank was proposing and why that was a bad idea. Maybe he just thought it was obvious.

Oh this is rich! The biggest cut and paste poster here who rarely comments on the post is now wanting someone to comment on the article they posted. Hello pot, meet kettle.

[ForTehNguyen]

Originally Posted by Etta Place

No. All Washington politicians are partly to blame for the problem due to lax regulations, plus Wall Street, plus the Fed, plus all of the people who bought houses they couldn't afford, plus sleazy mortgage brokers, etc., etc., etc.

the primary culprit is the federal reserve, it would not be possible for this to happen if they didnt have super easy credit and low interest rates. Wall Street can be "greedy" all they want but if they don't have the credit to implement it, it means nothing.