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what have we learned...

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    Already miss the 310/562 2manymustangs's Avatar
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    Default what have we learned...

    IN TEN WORDS OR LESS... AND from a 100% Apolitical perspective...

    Describe in a sentence what we have learned from the 5 yr old implosion of the financial meltdown...


    I’ll start...

    -NOT EVERYONE DESERVES TO OWN THEIR OWN HOME...
    Pat Eason, the voice of reason...

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    VOTE! RodnJen's Avatar
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    Insufficient regulation and greed equal abuse.

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    Already miss the 310/562 2manymustangs's Avatar
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    We "HAD" regulation but it was thrown out the window
    Pat Eason, the voice of reason...

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    Senior Member Gravyboat's Avatar
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    Quote Originally Posted by RodnJen View Post
    Insufficient regulation and greed equal abuse.
    Interesting (not really). Your first thought is more gov't?

    Bruce, and you wonder why the left doesn't like the Constitution? More gov't is always their solution.
    Freedom Without Authority is Anarchy.
    Authority Without Freedom is Tyranny

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    Dogma's a bitch. 1stepcloser's Avatar
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    Quote Originally Posted by 2manymustangs View Post
    IN TEN WORDS OR LESS... AND from a 100% Apolitical perspective...

    Describe in a sentence what we have learned from the 5 yr old implosion of the financial meltdown...


    I’ll start...

    -NOT EVERYONE DESERVES TO OWN THEIR OWN HOME...
    Not entirely true. Personally I'm okay with the thought that everyone DESERVES to own a home.

    BUT.... the cold truth is that not everyone CAN AFFORD to own their own home.

    Quote Originally Posted by RODNJEN
    Insufficient regulation and greed equal abuse.
    This isnt entirely true either. insufficient regulation wasnt the problem Rod, Greed though, was and still is the problem.
    A homeowner borrowing 130% of an inflated value was the problem.
    Pissing the borrowed money away on toys and shit was the problem.
    Living way beyond your means was and is still the problem.
    Blaming a financial institution for a persons irresonsible behavior is the problem.

    Unless we can regulate an individual persons fiscal responsiblilty, regulation isnt the problem.
    Last edited by 1stepcloser; 12-04-2012 at 01:59 PM.
    para informacion en espanol, regresar a mexico.
    Concern for the poor is not socialism.




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    VOTE! RodnJen's Avatar
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    I agree that personal responsibility is/was a huge contributer. There was nobody really regulating the lending and real estate side of the equation. As for Glass-Steagall, it needed to be ammended to meet the evolution of the current markets, ammended not destroyed.

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    Quote Originally Posted by RodnJen View Post
    Insufficient regulation and greed equal abuse.
    More Like:
    Immorality/ Irresponsiblity = greed = abuse

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    Senior Member Gravyboat's Avatar
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    Let's not forget that the gov't started this problem with the enacting of the CRA (community reinvestment act) under Carter and then further accelerated under Clinton by allowing low income people to not be "discriminated" against by denying them a home loan. Then the gov't became the major home loan backer via Fannie and Freddie. Fast forward to the early 00's, the Bush admin WARNED several times about the unsustainability of both Fannie and Freddie.

    The problem wasn't strict regulation. In fact lenders were ENCOURAGED and frankly had no choice but to lend to those people incapable of paying their mortgage. The problem was mandated, loose regulation forcing lenders to comply. Regulation should be done at the discretion of the one doing the lending, not by the gov't.

    As Rex said years ago..."A blind person could have seen this coming"
    Last edited by Gravyboat; 12-04-2012 at 02:40 PM.
    Freedom Without Authority is Anarchy.
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    Senior Member Gravyboat's Avatar
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    Quote Originally Posted by 1stepcloser View Post
    Not entirely true. Personally I'm okay with the thought that everyone DESERVES to own a home.
    That's what the gov't thought too, so they created the CRA. Just because someone thinks they deserve something, doesn't mean they should have it. This is why we a such a large entitlement system.
    Freedom Without Authority is Anarchy.
    Authority Without Freedom is Tyranny

    “The trouble with socialism is that you eventually run out of other people's money”
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    Senior Member SBjet's Avatar
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    If you're gonna regulate, don't be half assed about it.

    Quote Originally Posted by RodnJen View Post
    Insufficient regulation and greed equal abuse.
    Quote Originally Posted by 1stepcloser View Post
    , Greed though, was and still is the problem.
    A homeowner borrowing 130% of an inflated value was the problem.
    .
    Rod means greed on Wall St. You correctly point out that "greed" is the proper term for the homeowners too.
    Quote Originally Posted by Tom Brown View Post
    I'm still chuckling at being "poo-pooed" for straying off topic. Awesome.

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    Senior Member AzMandella's Avatar
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    Quote Originally Posted by Gravyboat View Post
    That's what the gov't thought too, so they created the CRA. Just because someone thinks they deserve something, doesn't mean they should have it. This is why we a such a large entitlement system.
    Owning a home is not a right. It is a privelege you earn with hard work and responsibility. This is where they went wrong. The Dems thought it was a right and forced loans to those who didn't work hard and were iresponsible. We paid the price. The repeal of Glss Steagal was definately a factor. It made it worse when they let savings and loans get involved with investment banks. But lets not forget it was the housing market that led to the crash. And that was set up by the CRA. They keep bitching about all the toxic mortgage backed investments. Let's not forget that it was Freddie and Fannie who dumped the majority of those on Wall Street. The Gov was far more responsible for the crash than anyone else. They laid down the ground rules and forced the banks to play the game. Hell it was O himself who was teaching ACORN people how to strong arm the banks and force the loans. There is no doubt that it was liberal politics that led to the crash.
    If you voted for Obama to prove you were not racist, then you better find someone else to vote for to prove your not stupid.

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    Red Blooded American The Doctor's Avatar
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    Quote Originally Posted by RodnJen View Post
    Insufficient regulation and greed equal abuse.
    Great start Rod! You are aware that your hero raised the debt ceiling to now borrow and spend more money than all previous presidents from GW Bush to George Washington, right? This after he said this during Bush's tenure:

    “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” …….. Senator Barack Obama

    So Rod, which is it?
    The best things in life aren't things!

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    Red Blooded American The Doctor's Avatar
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    Here's my ten word or less lesson Bruce:

    Government can neither spend nor tax its way to prosperity.

    . . . and yet this administration is doing both at the fastest pace in our nation's history . . .
    The best things in life aren't things!

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    Already miss the 310/562 2manymustangs's Avatar
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    Quote Originally Posted by SBjet View Post
    If you're gonna regulate, don't be half assed about it.





    Rod means greed on Wall St. You correctly point out that "greed" is the proper term for the homeowners too.
    ^^^ 10 words or less and Apolitical...

    my ten words >>> "Greed from Franklin Rains, Barney Frank and the black caucus"


    I know for a fact that in the mid 90's there were STRICT lending guidelines that were thrown out the window by the late 90s... it was tough to get a 90% LTV loan conventional.. NO GIFTING, serious income to debt guidelines, bank accounts checked right up to closing day, tough inspections /appraisals...
    Pat Eason, the voice of reason...

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