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The Mad Crapper
07-03-2011, 08:52 AM
“Reckless Endangerment” a scalding new book ....... is another cautionary tale about government’s terrifying self-confidence.........."a story of what happens when Washington decides, in its infinite wisdom, that every living, breathing citizen should own a home.” The 1977 Community Reinvestment Act pressured banks to relax lending standards......... In 1994, Bill Clinton proposed increasing homeownership through a “partnership” between government and the private sector, principally orchestrated by Fannie Mae. Fannie Mae’s political machine dispensed campaign contributions, gave jobs to friends and relatives of legislators, hired armies of lobbyists (even paying lobbyists not to lobby against it), paid academics who wrote papers validating the homeownership mania, and spread “charitable” contributions to housing advocates across the congressional map. By 2003, the government was involved in financing almost half — $3.4 trillion — of the home-loan market..........by summer 2005, almost 40% of new subprime loans were for amounts larger than the value of the properties. “Reckless Endangerment” is a study of contemporary Washington, where showing “compassion” with other people’s money pays off in the currency of political power, and currency.


http://www.nypost.com/p/news/opinion/opedcolumnists/burning_down_the_house_qp6FmG1rzWHo6TSJIfSJ2I#ixzz1R2rQreZB

KILLER_CLOWN
07-03-2011, 09:56 AM
This is a red Herring, the American dream has always been if you work your tale off you to can own a home.

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HonestChieffan
07-03-2011, 01:16 PM
In before banyon and KCNutbag cry foul

banyon
07-03-2011, 02:39 PM
In before banyon and KCNutbag cry foul

What's the point? The thread starter and the two people cheerleading it pretty much do all the discrediting necessary.

The Mad Crapper
07-03-2011, 03:49 PM
What's the point? The thread starter and the two people cheerleading it pretty much do all the discrediting necessary.

You can character assassinate me all you want, it doesn't change the truth. Or are you calling George Will a liar?

The Mad Crapper
07-03-2011, 08:43 PM
This is a red Herring, the American dream has always been if you work your tale off you to can own a home.

<object style="height: 390px; width: 640px"><param name="movie" value="http://www.youtube.com/v/2B_SxGmSJP0?version=3"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/2B_SxGmSJP0?version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></object>

I'd as soon sniff Zach's breath after he finished tossing Obama's salad as watch another one of your embedded videos.

Dave Lane
07-03-2011, 09:12 PM
You can character assassinate me all you want, it doesn't change the truth. Or are you calling George Will a liar?

Can I just assassinate you? I would find this far more pleasurable than calling George Will a liar and the nitwit he is.

go bowe
07-03-2011, 09:39 PM
Can I just assassinate you? I would find this far more pleasurable than calling George Will a liar and the nitwit he is.

LMAO LMAO LMAO

The Mad Crapper
07-04-2011, 11:13 AM
Looks like Obama's Obitches are doing what they do. :whackit:

I know the truth fries wires in moonbats brains, so I'll keep on posting it. :thumb:

Let's make the fonts bigger (that really pisses banyon off LMAO )

In 1994, Bill Clinton proposed increasing homeownership through a “partnership” between government and the private sector, principally orchestrated by Fannie Mae, a “government-sponsored enterprise” (GSE). It became a perfect specimen of what such “partnerships” (e.g., General Motors) usually involve: Profits are private, losses are socialized.

There was a torrent of compassion-speak: “Special care should be taken to ensure that standards are appropriate to the economic culture of urban, lower-income, and nontraditional consumers.” “Lack of credit history should not be seen as a negative factor.” Government having decided to dictate behavior that markets discouraged, the traditional relationship between borrowers and lenders was revised. Lenders promoted reckless borrowing, knowing they could offload risk to purchasers of bundled loans, and especially to Fannie Mae. In 1994, subprime lending was $40 billion. In 1995, almost one in five mortgages was subprime. Four years later such lending totaled $160 billion.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/burning_down_the_house_qp6FmG1rzWHo6TSJIfSJ2I#ixzz1R9aAQ5cZ