Off-Topic: That's BS
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Name:   MartiniMan The author of this post is registered as a member - Email Member
Subject:   That's BS
Date:   4/16/2010 9:30:59 AM

Hound, there is a lot of blame to go around on the financial crisis but it has been well documented that the primary driver for the downturn was programs started by Clinton and preserved and defended by Frank, Dodd and others in Congress. This crisis was clearly and unarguably caused by government intervention that distorted a market. Fannie and Freddie along with the Community Redevelopment Act, created and vehemently defended by the left in Congress, generated an environment where lenders were either encouraged or threatened into lending to those that could not afford to pay it back.

I recognize that lenders had their hand in this but let's be realistic, had the government not distorted the market they would have acted differently. But is it irrational to lend the way they did? I think not for a variety of reasons. One, they were both encouraged and threatened by the government to make these loans and accused of racism if they didn't. Two, they knew the implied gov't guarantee of Freddie and Fannie was real. Three, by being able to offload the loans they made they figured there was limited downside to a correction. Of course what they didn't realize is that what the left hand was dumping (securitized marginal loans) the right hand was buying up. Finally, they realized that they made more money originating loans and got nearly instantaneous gratification by not having to service them (by packaging them and selling them). Had the government not interfered, had Fannie and Freddie not acted as an unlimited source to offload loans instead of servicing them, lenders would have been much more realistic in gauging risk.

You cannot argue the facts and I can't comprehend why you do. This is widely accepted by everyone but the hard left in Congress.
Other messages in this thread:View Entire Thread
Tea Party Charges - lotowner - 4/13/2010 10:25:42 PM
     Tea Party Charges - Talullahhound - 4/14/2010 8:08:17 AM
          Tea Party Charges - MartiniMan - 4/14/2010 8:33:38 AM
          Tea Party Charges - Lifer - 4/14/2010 8:37:25 AM
          Tea Party Charges - vine - 4/14/2010 8:43:47 AM
          Gime a break - water_watcher - 4/14/2010 11:30:49 AM
               Gime a break - Talullahhound - 4/14/2010 5:54:27 PM
                    And WW, P.S. - Talullahhound - 4/14/2010 6:00:51 PM
                         Problem Is - MrHodja - 4/14/2010 7:21:20 PM
                              Problem Is - Talullahhound - 4/14/2010 8:38:26 PM
                                   And - Talullahhound - 4/14/2010 8:49:08 PM
                                        And - MrHodja - 4/14/2010 9:24:18 PM
                                             And - Talullahhound - 4/14/2010 10:52:21 PM
                                   Wait a minute - MrHodja - 4/14/2010 9:07:29 PM
                                        Wait a minute - Talullahhound - 4/14/2010 10:55:00 PM
                                             Wait a minute - MrHodja - 4/15/2010 7:01:22 PM
                         And WW, P.S. - water_watcher - 4/15/2010 6:33:19 AM
                              A couple of things - Talullahhound - 4/15/2010 8:43:39 PM
                         The Captain of Our Ship - MAJ USA RET - 4/15/2010 8:42:51 AM
                              I'd Agree - Talullahhound - 4/15/2010 8:47:38 PM
                    Gime a break - MartiniMan - 4/14/2010 9:42:11 PM
                         Gime a break - Talullahhound - 4/14/2010 11:00:46 PM
                              That's the plan - MartiniMan - 4/15/2010 8:42:49 AM
                                   In the last round? - Talullahhound - 4/15/2010 8:56:03 PM
                                        In the last round? - MartiniMan - 4/16/2010 9:15:18 AM
                         Slight Correction to MM's post - Lifer - 4/15/2010 10:26:29 AM
                              Unbelievable.... - lamont - 4/15/2010 12:06:42 PM
                                   I'm just wondering - Lifer - 4/15/2010 12:29:56 PM
                                        I'm just wondering - Summer Lover - 4/15/2010 2:56:14 PM
                                   Unbelievable.... - Talullahhound - 4/15/2010 9:02:46 PM
                                        Inaccurate... - MAJ USA RET - 4/16/2010 8:20:28 AM
                                             That's BS - Talullahhound - 4/16/2010 8:47:13 AM
                                                  That's BS - MAJ USA RET - 4/16/2010 9:19:54 AM
                                                       That's BS - Talullahhound - 4/16/2010 4:39:38 PM
                                                  That's BS - MartiniMan - 4/16/2010 9:30:59 AM
                                                       That's BS - Lifer - 4/16/2010 10:48:04 AM
                                                       That's BS - Talullahhound - 4/16/2010 4:42:06 PM


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