Well it kind of went like this:
Banks: No loans unless you qualify.
Idiots (Acorn, Obama, Dems): Minorities qualify less, RACIST!
Banks: Screw you.
Idiots: No, we'll take you to court!
Banks: HA! We won in court.
Idiots: **** you, we'll go to court again!
Banks: HA! We won again.
Idiots: We're going to keep bringing you to court until we win!
Banks: FML! Fine we'll relax the regulations on stuff.
*Idiots has left the room*
Feds (Frannie/Freddie Mae): We want everyone to own a home. Heres your new lending practices.
Banks: WTF! How are we going to do this, these people can't pay there loans.
Feds: No worries mate, we're going to buy the laons you make from you.
Banks: So, to be clear, you want us to give **** loans, then your going to buy them from us with taxpayer dollars. YOUR GOING TO BUY **** LOANS AND MAKE US RICH?
Feds: Yes.
Banks: PAYDAY!
Feds: We'll just sell the loans on the market as mortgage backed securities.
*a few years later*
Feds: **** now! People can't afford these loans and are foreclosing. But home were tripling in price over 10 years. Who knew?
Banks: ****, we bought these securities and they suck balls.
Wall St.: Jesus Christ, what did you retarded monkies sell me?!
Feds: Ok, we're going to roll some banks into others, and give everyone left free money.
Banks: OK!
*Banks has left the room*
Wall St.: But we still suck. We're tanking.
Feds: OK, we'll help you too.
*Wall St. has left the room*
Special interests: Hey, we want some money!
Feds: Fine, you get money too. Is everyone happy?
*Special interests has left the room*
Joe Taxpayer: Wheres my money?
Feds: Sorry chap, all gone. BTW, heres Healthcare Insurance reform.
Joe: But insurance works for 85% of my friends (90% of citizens).
Feds: We don't like it.
Joe: So are you going to do anything about rising costs.
Feds: No, we don't want to fight against trial lawyers for tort reform and Big Pharm paid us money so they are out too. We don't want to piss off the world, so we won't make them pay what they owe either.
Joe: FML, whats in it for me.
Big 3 Auto Makers: ZOMG! We're dying here, we need help selling our ****!
Joe: Your ****s expensive and Feds took all my money.
Big 3: Feds, HELP!
Feds: Fine, we'll give people a rebate for Cash For Clunkers.
Big 3: Sounds good. How does it work?
Feds: You take old cars and we'll pay you to sell them more efficient cars. Just get rid of the car before anything else.
Big 3: OK... Hey its working.
Feds: See.
Big 3: Can we haz monies now?
Feds: No. Fill out more forms.
Big 3: Hey wait, we sold all these cars last month, but this month no one is here. Its like people just rushed and got a car for free ****, and now they don't want anything. Who knew that was going to happen?
*Big 3 has left the room*
Feds: Dunno, but you cannot haz monies now, keep sending in forms.
Joe: Hey wait, we just spent 3 Billion on a 1 Billion dollar program that will save the US just 375 million in oil, and that doesn't include production/disposal costs.
Feds: Shut up, heres some FHA loans.
Joe: These look fishy.
Feds: Theya ren't. Look, save money on a house if you buy now.
Joe: Hey, why is the interest rates still at record lows.
Feds: Stop asking questions and BUY BUY BUY.
Joe: Isn't that what got us in this mess.
Feds: No, that was other buying, this is new buying. Ohh yeah, we're going to have to cut medicare spending.
*Feds has left the room*
Joe: WTF! Wheres AARP?!
AARP: Medicare will not be cut.
Joe: But htey jsut said it will be.
AARP: Medicare will not be cut.
Joe: Look, RIGHT THERE.
AARP: Medicare will not be cut.
Joe: Huh?
AARP: Medicare will not be cut.
Joe: What is that shiney orange ball in the sky?
AARP: Medicare will not be cut.
Joe: Dammit, a broken record. I'm going to march on DC.
*AARP has left the room*
*Joe has left the room*
1 Million+ People: We're annoyed. Wheres MSM to cover this?
MSM:
People: Wait, they were here when Bush was in office.
MSM:
People; Lets go find FOX.
*people has left the room*
__________________
It is perfectly acceptable to use 40 years of data to determine that over 4 billion years of existance and change, mankind is destroying the earth.
Heller v. DC: The Second Amendment is now an individual right. You can't have my gun.
Election '08: Proving that America will come out and vote for well dressed BS.
__________________
"Originally posted by §Galactus§if i had a horse, i would put armor on it. and i would wear armor, and ride around collecting taxes and tributes from the serfs."
"Originally posted by §Galactus§You should sig me again. That way, when everyone looks at your signature, they would be like "Holy **** that dude is so awesome he got sigged twice" It would be espically awesome if you sigged this post. So that people who read your sig will be confused as well as amazed
__________________
“The several states composing the United States of America are not united on the principle of unlimited submission to their general government” - Thomas Jefferson
"There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him." – Robert Heinlein
Closed-bolt, because I can.
Repetition and Ridicule, the biggest tools of the Liberal.
People genuinely upset about growth of Government : We want less taxes, less spending, less programs!
MSNBC and 99.99% of Liberals: Racists!
People genuinely upset about growth of Government: No seriously, this is ruining our country, and our economy!
MSNBC and 99.99% of Liberals: We get it, you don't like Obama because of his skin color.
People genuinely upset about growth of Government: ACORN is home to criminals!
MSNBC and 99.99% of Liberals: Wow, Hannah Giles and James O'Keefe broke the law, who cares about those ACORN workers who gave them advice on how to evade tax law, import underage prostitutes, and talk about killing their husbands and covering it up.
People genuinely upset about growth of Government: Haha, the Census is no longer contracting ACORN to help with the 2010 Census! Eat it!
MSNBC and 99.99% of Liberals: Wow, thanks to those hate-mongering Conservatives and their radical anti-Government protesting, an innocent man (Who was walking around in a famous marijuana cultivating area and was warned by state troopers not to go there) was killed because of Michelle Backmann getting on television and saying that she's appalled there's no citizenship query on the Census survey! Such hate and anger!
Anyone with half a brain:
I mean I get it, and it sort of makes a point, but it's lost in the incredibly stupid medium.
__________________
There once was an X from place B,
That satisfied predicate P,
He or she did thing A,
In an adjective way,
Resulting in circumstance C.
apunkjunkie - "Sorry to burst your bubble, but less than 1% of the southern citizens owned slaves and out of that, most were treated fairly well. So no, slavery wasn't a big issue."
apunkjunkie - "Sorry to burst your bubble, but less than 1% of the southern citizens owned slaves and out of that, most were treated fairly well. So no, slavery wasn't a big issue."
Last edited by CrazyLittle : 09-26-2009 at 03:14 PM.
Reason: because -> became
Was Obama even involved in any meaningful politics when those subprime loans started happening?
Obama worked for ACORN which was one of the pushers of the opening of loans for homes because they felt that minorities were getting screwed by banks, these changes came in 1996 modification to the CRA. Signed in by Clinton.
The GLB Act in 1999 may have contributed, but by that time we're already seeing a huge spike in home prices as a result of the 1996 changes to loans.
__________________
It is perfectly acceptable to use 40 years of data to determine that over 4 billion years of existance and change, mankind is destroying the earth.
Heller v. DC: The Second Amendment is now an individual right. You can't have my gun.
Election '08: Proving that America will come out and vote for well dressed BS.
Obama worked for ACORN which was one of the pushers of the opening of loans for homes because they felt that minorities were getting screwed by banks, these changes came in 1996 modification to the CRA. Signed in by Clinton.
The GLB Act in 1999 may have contributed, but by that time we're already seeing a huge spike in home prices as a result of the 1996 changes to loans.
False. The slope of the curve doesn't start increasing until 1999, and REALLY spikes upwards around 2001-2003. Your attempts to pin it on the CRA are bull****.
apunkjunkie - "Sorry to burst your bubble, but less than 1% of the southern citizens owned slaves and out of that, most were treated fairly well. So no, slavery wasn't a big issue."
False. The slope of the curve doesn't start increasing until 1999, and REALLY spikes upwards around 2001-2003. Your attempts to pin it on the CRA are bull****.
As you can see, there was massive upward momentum even before your supposed cause came into play, before 1999 as you state.
__________________
It is perfectly acceptable to use 40 years of data to determine that over 4 billion years of existance and change, mankind is destroying the earth.
Heller v. DC: The Second Amendment is now an individual right. You can't have my gun.
Election '08: Proving that America will come out and vote for well dressed BS.
Obama worked for ACORN which was one of the pushers of the opening of loans for homes because they felt that minorities were getting screwed by banks, these changes came in 1996 modification to the CRA. Signed in by Clinton.
The GLB Act in 1999 may have contributed, but by that time we're already seeing a huge spike in home prices as a result of the 1996 changes to loans.
The numbers sorely disagree with you...
The largest percent change in loan creation (as denoted by the blue line) was greatest after 2000. I.e. before 2000, housing price increases were due to lack of supply, not an increase in demand (since the demand for loans remained relatively the same).
__________________ Abraham Lincoln- With malice toward none; with charity for all; with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in; to bind up the nation’s wounds; to care for him who shall have borne the battle, and for his widow, and his orphan — to do all which may achieve and cherish a just, and a lasting peace, among ourselves, and with all nations.
Last edited by Frank112916 : 10-26-2009 at 12:35 PM.
It's stupid threads like this that cause almost all of the discussion in this subforum to be completely idiotic. You lost me when you classified all democrats as idiots.
__________________
"Originally posted by BMcC13: Seems okay..but since it's Michael Bay, I imagine people will be killed by means of hand grenades, plane crashes, and explosions that have no real explanation. Oh and Freddy will morph into an F16 several times."
The largest percent change in loan creation (as denoted by the blue line) was greatest after 2000. I.e. before 2000, housing price increases were due to lack of supply, not an increase in demand (since the demand for loans remained relatively the same).
Ohh ****, Frank is back. Krugman post that graph too?
Good to denote you assumption based on S/D care to elaborate? Every single graph I have ever seen showing national average home prices have shown trending increases throughout the mid-90s up until the bust of this past year.
__________________
It is perfectly acceptable to use 40 years of data to determine that over 4 billion years of existance and change, mankind is destroying the earth.
Heller v. DC: The Second Amendment is now an individual right. You can't have my gun.
Election '08: Proving that America will come out and vote for well dressed BS.
Ohh ****, Frank is back. Krugman post that graph too?
Good to denote you assumption based on S/D care to elaborate? Every single graph I have ever seen showing national average home prices have shown trending increases throughout the mid-90s up until the bust of this past year.
right, you're looking at home prices. Prices are a function of some sort of supply and demand schedule. The causal relationships are shown by breaking down the function and understanding its components.
I told you, loan creation did not increase substantially until after 2000, which you can see on the graph...
It suggests that housing price increases during the time (1996) were a function of a slower increase in supply than an increase in demand.
This is substantiated by the decline in total housing starts (number of new houses being built) from 1996-2000.
As one can see here, the increase in supply came from 2000 and beyond where loan creation was the greatest as well.
__________________ Abraham Lincoln- With malice toward none; with charity for all; with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in; to bind up the nation’s wounds; to care for him who shall have borne the battle, and for his widow, and his orphan — to do all which may achieve and cherish a just, and a lasting peace, among ourselves, and with all nations.
Last edited by Frank112916 : 10-26-2009 at 03:42 PM.
