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| Name: |
water_watcher
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| Subject: |
Architect
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Date:
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6/12/2009 7:59:49 AM
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Do you remember a while back you stood firm that banks were never forced to make loans under the community reinvestment act and I pointed out that all major banks were under quotas and if they did not meet them there were law suits, and in fact Obama himself was involved in suing CitiBank.
Then our discussion led in to the banks being forced in to taking TARP dollars and you again said that the banks were not forced and if they did not want it they should give it back.
Hopefully you have followed the news about B of A and other banks that came out publically and stated they were foced to take money and to take over other banks and investment banking houses and told to keep quite. Bernanke, that I respect is under fire for doing this. Banks have wanted to give back TARP dollars and the Obama administration has put up all sorts of road blocks.
While Obama finally gave in on this point, initially he was insisting that even if a bank is approved to give back the dollars, if they had received at one point they would still have to live under the compensation guidelines. Thank God he gave in on that ... it was very scary to think the government would set levels of what people can make .... that is even going beyond socialism. What if you were told how much you can or can't make or charge a client.
Maybe you would like that if everyone lived under those rules ... no competition .... but also what differentiates someone that is more talented from being compensated appropriately?
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| Name: |
architect
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| Subject: |
Architect
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Date:
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6/12/2009 9:15:35 AM
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I remember the discussion and that it was completely and only about the Community Development (?Investment?) Act and my contention backed up by a banker that no banks were "forced" to make any loans by the act and in fact were encouraged by the wording of the act to avoid unwise loans. If TARP was raised it was not by me and I made no claims one way or the other regarding such. Even though it wasn't discussed at that time, I do know that the TARP funds went only to the relatively few banks that were deemed "too large to fail" and that they were rated such by a Republican Sect'y of Treasury in a Republican Administration and a Republican Appointed Ch'm of the Federal Reserve.
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| Name: |
architect
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| Subject: |
BTW
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Date:
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6/12/2009 9:18:06 AM
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It is myunderstanding that the payback of TARP funds include $1.4 billion in interest (PROFIT) to the Treasury (THE TAXPAYERS)
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| Name: |
water_watcher
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how funny
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Date:
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6/12/2009 5:22:16 PM
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You give me comic relief ... thanks for the laughs.
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Right ... good thing the republicans set it up that way. But don't forget in all you said it was a democratic congress and they make the laws. Better than the give aways the current adminsitration is doing.
Do you realise that even counting the Iraq war ... the deficit that Obama and his crooks have created will be more than twice the worst deficit ever for the forseeable future. In three years Obama will have created more debt than the total of every other president since the union was formed.
But that is no big deal to you.
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| Name: |
architect
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| Subject: |
Yeah it is funny
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Date:
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6/12/2009 10:27:09 PM
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How you changed the subject you selected as a "gotcha" on me when I corrected the facts of your initial post.
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you are a laugh a minute. Take a reality pill. :)
Why is it you think there was no government arm twisting with one government program, yet you are so willing to accept that there was with another. You have been living in fairytale land if you really do not believe that goes on at more senior levels. I live it everyday and I believe even Hound would tell you from her experience that calls are made and strong influence by government. It is part of politics and life.
Have a good one.
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| Name: |
architect
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| Subject: |
Boy
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Date:
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6/13/2009 12:51:44 PM
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We started weeks ago discussing "government force", not "arm twisting" regarding mortages, not TARP. There was no "force" on the mortagages. I would admit that the Community Development Act almost by definition included "arm twisting" as do many programs government or otherwise which seek to change something deemed anti-social, dangerous, unhealthy, etc. Again, the original discussion did not include TARP. That being said, please explain how my last post in anyway could be read to indicate that I believed or insisted "force" was not a part of the program. I don't know if force was involved, it certainly might have been part of the Paulsen(Republican appointee)/Bernanke(Republican appointee) program. Please recall that all this started before Obama was even elected. I do know only the very largest banks were given TARP funds and that most of them were begging for them.
To preempt your next rant...yes it was a democratic controlled Congress that passed the TARP program, but it was with the urging even pleading of a Republican President, a Republican Sect'y of Treasury and a Republican appointed Fed. Ch'm. Furthermore, if the Congressional Republicans had been in as lockstep mode as they are today with a Democrat in the WH they could have stopped TARP in its tracks. So shut up on giving all the blame to an at the time unelected Presidential candidate and those dastardly liberal Democrats in Congress.
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| Name: |
architect
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| Subject: |
Sorry
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Date:
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6/13/2009 12:57:57 PM
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I poorly proof read the last post. In the 5th line should read: ""force" was or was not part of the program"
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| Name: |
water_watcher
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| Subject: |
I actually
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Date:
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6/14/2009 3:46:26 PM
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think the original TARP was absolutely necessary to prevent a total collapse of the financial system. I am close enough to banks that we were dangerously close to a melt down.
The problem is that is past and now BO and the other liberal crooks are using TARP as a slush fund and to get more socialism and government control over the financial systems and business in general. TARP was never intended to own auto companies (or banks for that matter). Or was it intended to control executive pay.
You can differenciate between "arm twisting" and being "forced" on the liberal loans under the CRA ... but the facts continue to show the government set "quotas" for banks to make these sub prime loans and the banks were fined if they did not meet the quotas.
So split hairs and pay the word game to save face ... you are acting like most liberals so I forgive you.
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