U
Obama_2012
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Bert Notorius
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multiply that by 59 senators and 118 representatives and you'll start to understand why il has a big problem.
IrezumiKiss
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Obama_2012
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doubleover
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How bad would the American taxpayer have been beat up if Chicago would have been awarded the Olympics?
Sean Renaud
The West Coast Pop
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Am I the only person making sure Obama isn't mad at me since he's an amazingly scary and powerful villian and I don't have the means to fight him off?
Lancecastor
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Poor Vetteman.
Course, leaves out that as part of his "ownership society" GW Bush also pushed for giving mortgages in inner cities and the like to promote the conservative idea of home ownership to cure ills and a large amount of loans were targeted in this program.....but the reality is neither Bush nor Obama was responsible for the collapse in banking and the economy, it was in greed based in part in speculation. Banks no longer take risks on mortgages (S and L's do as do credit unions, I am talking the large banks), they originate mortgages and then sell them, to Fannie Mae/ Freddie Mac, and the like, so they have little risk exposure so they had no reason not to originate shady loans.
Then they came up with idiotic balloon mortgages that given rapidly rising real estate values, that even if the homeowner couldn't make payments when the mortgage 'exploded' (like a mortgage with a teaser rate that would be 500 bucks a month for the first year or so, then would end up at 4 or 5k a month....) they could sell the house after foreclosing and make a profit.
Then, of course, the real villain, little instrument called a CDO (collateralized Debt obligation), that almost single handedly wrecked the who shebang. CDO's take slices or tranches of home mortgage dent and put them together into an instrument called a CDO, whose value is based on the mortgages it holds. Those buying them weren't really looking at the mortgages (couldn't really, since they are so invisible to underlying risk), but on speculation based on the broader housing market (i.e. house prices go up, CDO's become more valuable). Ratings agencies could rate these, they pretended to, risk models couldn't (they used a model from a Chinese 'genius', who said use the rate on the CDS's that insure CDO's to see the risk; problem is, people writing the credit default swaps (kind of insurance on loans and financial instruments like bonds) didn't have a clue, either, and the government basically said be my guest...
To create these CDO's, the people writing them needed a lot of new mortgages, so guess what/ They were calling every bank and financial institution doing mortgages and told them to write as many mortgages as they could, they would buy them for this use.........and basically the banks didn't care any more, they simply wrote mortgages and sold them, they didn't care, no risk to them.....
AIG went down the toilet because they sold well over 100 billion in CDS's (the credit default swaps) covering these CDOs (in effect, a CDS pays the owner the amount of the loan or whatever they are insuring, in return for an up front and annual payments)....AIG did all these without knowing much about the CDO's they were underwriting, figuring they were making a fortune on fees. It was so bad, that AIG ended up writing more then one CDS for a particular CDO,...and when Goldman in 2007 said that CDO's were crap, and started pulling it, it created a tidal wave of people getting out of them, causing them to become worthless..at which point AIG (and others) owed hundreds of billions of dollars on the CDS's....... *crack*.
The idiots who watch Faux News like the blame Freddie Mac and Fannie mae, the OP and the rest of the tea party types pretend it was all mortgages to 'those' people "inner city blacks/hispanics", but much of the bad mortgages were for housing developments in places like Los Vegas, Tampa, Phoenix and the like, that were being built on speculation of house prices going up and didn't have the economy to support home ownership wirhout resorting to tricks......it was a gigantic mess, and most of it was greed, not poor people in the inner city, that is the typical lie trying to deflect from the fact that financial institutions were given the green light to play three card monte with the economy and they damn nearly burned it to the ground.
Then they came up with idiotic balloon mortgages that given rapidly rising real estate values, that even if the homeowner couldn't make payments when the mortgage 'exploded' (like a mortgage with a teaser rate that would be 500 bucks a month for the first year or so, then would end up at 4 or 5k a month....) they could sell the house after foreclosing and make a profit.
Then, of course, the real villain, little instrument called a CDO (collateralized Debt obligation), that almost single handedly wrecked the who shebang. CDO's take slices or tranches of home mortgage dent and put them together into an instrument called a CDO, whose value is based on the mortgages it holds. Those buying them weren't really looking at the mortgages (couldn't really, since they are so invisible to underlying risk), but on speculation based on the broader housing market (i.e. house prices go up, CDO's become more valuable). Ratings agencies could rate these, they pretended to, risk models couldn't (they used a model from a Chinese 'genius', who said use the rate on the CDS's that insure CDO's to see the risk; problem is, people writing the credit default swaps (kind of insurance on loans and financial instruments like bonds) didn't have a clue, either, and the government basically said be my guest...
To create these CDO's, the people writing them needed a lot of new mortgages, so guess what/ They were calling every bank and financial institution doing mortgages and told them to write as many mortgages as they could, they would buy them for this use.........and basically the banks didn't care any more, they simply wrote mortgages and sold them, they didn't care, no risk to them.....
AIG went down the toilet because they sold well over 100 billion in CDS's (the credit default swaps) covering these CDOs (in effect, a CDS pays the owner the amount of the loan or whatever they are insuring, in return for an up front and annual payments)....AIG did all these without knowing much about the CDO's they were underwriting, figuring they were making a fortune on fees. It was so bad, that AIG ended up writing more then one CDS for a particular CDO,...and when Goldman in 2007 said that CDO's were crap, and started pulling it, it created a tidal wave of people getting out of them, causing them to become worthless..at which point AIG (and others) owed hundreds of billions of dollars on the CDS's....... *crack*.
The idiots who watch Faux News like the blame Freddie Mac and Fannie mae, the OP and the rest of the tea party types pretend it was all mortgages to 'those' people "inner city blacks/hispanics", but much of the bad mortgages were for housing developments in places like Los Vegas, Tampa, Phoenix and the like, that were being built on speculation of house prices going up and didn't have the economy to support home ownership wirhout resorting to tricks......it was a gigantic mess, and most of it was greed, not poor people in the inner city, that is the typical lie trying to deflect from the fact that financial institutions were given the green light to play three card monte with the economy and they damn nearly burned it to the ground.
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RoryN
You're screwed.
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Least-Surprising News Of The Year: vette has a "varmint call".
Disgustipated
LAWLZ
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Baiting for the sake of baiting is funny -- occasionally. Baiting because you ran with a headline from an unreliable news source and claimed Obama spent $200 million a day is downright laughable. Vettebirther is as a big a joke as Amicunt and only eyer thinks Amicunt is a good dude. Patriot Math!
John Doe
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John Doe
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Some people just have way too much time on their hands.
4est_4est_Gump
Run Forrest! RUN!
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You just fucking hate it that 19 blacks were successful in Chicago...
busybody..
Literotica Guru
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Have I not been saying this sine 08?
Whats worse is the DOJ is suing banks for not doing the same things now
Its
Deja
Vu
All over again
Whats worse is the DOJ is suing banks for not doing the same things now
Its
Deja
Vu
All over again
4est_4est_Gump
Run Forrest! RUN!
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- 89,007
You, I and a lot of others, but we were all way more worried about Sarah Palin's wardrobe and remodeling back then just like were focused like a laser on Ryan's Run now than we are our economic plight...
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