Economic Reality

[guido911]

You say potato, I say whackadoodle.

You way "whackadoodle", I say "law-abiding illegals".

[we vs us]

You way "whackadoodle", I say "law-abiding illegals".

Let's call the whole thing off.

/scene

[Hoss]

Let's call the whole thing off.

/scene

I see gweed's in full-on AW tonight...

[Gaspar]

http://www.harvard-jlpp.com/33-2/407.pdf

[we vs us]

http://www.harvard-jlpp.com/33-2/407.pdf

Did you read that article?  There's actually nothing substantial in it.  Issa establishes that 1) Fannie and Freddie supported an indeterminate amount of prime and subprime mortgages since the Great Depression; 2) Clinton expanded the mandate but doesn't say exactly how much or in what way they caused the meltdown 3) outlines the politically connected management and board of Fannie and Freddie, and implies that that means corruption, though doesn't directly make accusations of said corruption or illegality 4) briefly outlines the close relationship between Countrywide Financial, again implying through association that Fannie and Freddie were as corrupt, though declining to make specific accusations and then 5) capping it off by stating, in essence, that making affordable housing loans to the American poor and middle class caused the entire global financial crisis.

What a ridiculous hit piece. 

[Gaspar]

Did you read that article?  There's actually nothing substantial in it.  Issa establishes that 1) Fannie and Freddie supported an indeterminate amount of prime and subprime mortgages since the Great Depression; 2) Clinton expanded the mandate but doesn't say exactly how much or in what way they caused the meltdown 3) outlines the politically connected management and board of Fannie and Freddie, and implies that that means corruption, though doesn't directly make accusations of said corruption or illegality 4) briefly outlines the close relationship between Countrywide Financial, again implying through association that Fannie and Freddie were as corrupt, though declining to make specific accusations and then 5) capping it off by stating, in essence, that making affordable housing loans to the American poor and middle class caused the entire global financial crisis.

What a ridiculous hit piece. 

I did not find it ridiculous.  I found that it establishes that those on the Financial Services Committee, including it's beloved chairman Barney Frank, and his significant other were fully aware of the situation.

[Conan71]

Did you read that article?  There's actually nothing substantial in it.  Issa establishes that 1) Fannie and Freddie supported an indeterminate amount of prime and subprime mortgages since the Great Depression; 2) Clinton expanded the mandate but doesn't say exactly how much or in what way they caused the meltdown 3) outlines the politically connected management and board of Fannie and Freddie, and implies that that means corruption, though doesn't directly make accusations of said corruption or illegality 4) briefly outlines the close relationship between Countrywide Financial, again implying through association that Fannie and Freddie were as corrupt, though declining to make specific accusations and then 5) capping it off by stating, in essence, that making affordable housing loans to the American poor and middle class caused the entire global financial crisis.

What a ridiculous hit piece. 

So you are willing to entirely dismiss any conclusions of Issa simply because he's a Republican?  There's plenty of verifiable information to back up Issa's assertions. 

[Gaspar]

So you are willing to entirely dismiss any conclusions of Issa simply because he's a Republican?  There's plenty of verifiable information to back up Issa's assertions. 

He didn't really "assert," he documented.

[Conan71]

He didn't really "assert," he documented.

Yeah, well, that documentation is suspect because Issa just wants to take pot shots at Dims. 

[nathanm]

Preemptively pwned. Sorry:

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

You need to learn that there are many Republicans presently in Congress who are willing to lie through their teeth and literally make things up from whole cloth, usually given cover by one of the blatantly partisan think tanks.

Edited to add: This might help highlight my specific point:

Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

Why is that important? Because loans written in 2006 and earlier are not going bad at nearly the rate of the 2006-2008 loans. Fannie and Freddie got caught in a shitstorm, to be sure, but they are still in a much better position than most of the commercial banks and the hedge funds investing in MBS-backed CDOs.

[Conan71]

Preemptively pwned. Sorry:

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

You need to learn that there are many Republicans presently in Congress who are willing to lie through their teeth and literally make things up from whole cloth, usually given cover by one of the blatantly partisan think tanks.

Edited to add: This might help highlight my specific point:

Why is that important? Because loans written in 2006 and earlier are not going bad at nearly the rate of the 2006-2008 loans. Fannie and Freddie got caught in a shitstorm, to be sure, but they are still in a much better position than most of the commercial banks and the hedge funds investing in MBS-backed CDOs.

Hmmm, Democrats swept the house in Nov. of 2006 which means Barney Frank became the chair of the House Banking Committee and could have put the brakes on at any time.  Even as a ranking member of the minority and long-term member of the banking committee, he could have blown the whistle at any time prior to Jan. 2007. 

Complicit or complacent in his duties and completely ignorant?

[Hoss]

Hmmm, Democrats swept the house in Nov. of 2006 which means Barney Frank became the chair of the House Banking Committee and could have put the brakes on at any time.  Even as a ranking member of the minority and long-term member of the banking committee, he could have blown the whistle at any time prior to Jan. 2007. 

Complicit or complacent in his duties and completely ignorant?

Reeks of lobbyist money on both sides of the aisle here.  JMO.

[Conan71]

Reeks of lobbyist money on both sides of the aisle here.  JMO.

I'll take "complicit" for $400 Alex!

[Teatownclown]

I'm ok with you making BF the scapegoat, Dreamer. Time marches on!

[Teatownclown]

Meanwhile, another Repuke bails on his mission. Pissants....

http://www.theglobeandmail.com/news/world/americas/top-republican-quits-us-budget-talks-as-debt-ceiling-deadline-looms/article2072424/

They just love to make themselves look like martyrs. FAIL!

The country waits....the world wonders.....