Proof That Reagan Was The Best President

[Korian]

Reagan started that Star Wars defense system and acted with chimps.

[Hero]

Oh you know, maybe they're mad because the banks made a trillion dollar bet they couldn't cover and all of them lost their homes and jobs because of it...

That's to say that

1) They mad e a loan that was a "bet" (read: not safe) and
2) to completely ignore the fact that the government had its own hand in this as well (Freddie and Fannie, Clinton's passage of legislation forcing banks to take on risky mortgages in urban areas because hey, if you don't you're a racist)

There was plenty of wrongdoing going to spread the wealth of blame equally and still be accurate.

[dave is ok]

That's to say that

1) They mad e a loan that was a "bet" (read: not safe) and
2) to completely ignore the fact that the government had its own hand in this as well (Freddie and Fannie, Clinton's passage of legislation forcing banks to take on risky mortgages in urban areas because hey, if you don't you're a racist)

There was plenty of wrongdoing going to spread the wealth of blame equally and still be accurate.

If a bank lowers it's stringent lending requirements and lends to customers who shouldn't be able to get loans, it's ultimately the banks fault when that customer defaults for taking on that loan in the first place.

The government didn't force them to do shit, they wanted those loans badly so they could put together mortgage backed securities with them. Fannie and Freddie were actually hit less hard than other banks because being a GSE meant they couldn't take on certain types of risk, but that doesn't fit well into the "BARNEY FRANK AND CLINTON DID IT" narrative you choose to believe.

[Diff-chan]

That's to say that

1) They mad e a loan that was a "bet" (read: not safe) and
2) to completely ignore the fact that the government had its own hand in this as well (Freddie and Fannie, Clinton's passage of legislation forcing banks to take on risky mortgages in urban areas because hey, if you don't you're a racist)

There was plenty of wrongdoing going to spread the wealth of blame equally and still be accurate.

If you believe this in the year 2011, you are a very stupid person.

[Rich]

Yeah, the Republicans caused that downgrade by not routinely raising the debt ceiling like every other fucking session of Congress has done.


Oh you know, maybe they're mad because the banks made a trillion dollar bet they couldn't cover and all of them lost their homes and jobs because of it...

Come on Yoshi. You can do better than this.


Translation: Raise the taxes on the poor and lower them on the rich.

ITT: Dave doesn't know shit.

[dave is ok]

ITT: People who know less than I do making statements without backing them up.

[Rich]

You started a post off with reasoning that US credit downgrade was caused by the debt ceiling debacle. You also reason that the banks hold full responsibility for bad loans.

You only see the side that supports your preconceived view, ergo, you don't know shit.

[dave is ok]

Sorry my facts are getting in the way of your ideology.

"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," the ratings firm said.

And the banks do hold responsibility for those loans. Not only did they give them out, but they securitized and leveraged them. Of course the homeowners should have paid their mortgages, but it's not their fault the world economy crashed. That is 100% on the banks.

ITT: Rich doesn't know shit

[bbobb]

Dave is right.

[Rich]

"and the related fiscal policy debate"

Don't pass it off like it's entirely on the debt ceiling. It was caused by a ballooning debt and two sides that can't come to terms on how to reduce it, leading to no progress. It was a long-term downgrade caused by years of inaction.

And yes, the banks hold responsbility. So do people who take out mortgages well above their means because they don't read the contract of the most important monetary decision they'll ever make. Are the bankers guilt free? No, they're scum. But to push all of the responsibility onto them is dishonest.

Same shit with the OWS protests. Why the fuck is the blame being pushed entirely onto corporations? A corporation has a stated goal: maximize shareholder equity. A politician has a stated goal: represent constituents. Which one of these is truly failing?