I don't understand why you would ...

fshnski wrote:The checks will go to those whose homes were foreclosed on by one of the five banks, which include Bank of America, Citi, JPMorgan Chase, Wells Fargo and Ally, formerly GMAC.

fshnski wrote:I wish I could hear more.

News Hawk wrote:The $1500 is Obama-Aid—it's window-dressing.

He can now say how he's taken money from the Evil banks, and returned it to the many who lost their shirts over the Government's "toxic-loan" promises in the "Community Reinvestment Act" (CRA).

He can also say he's being "fair" by fining GMAC, whose money WE gave to salvage GM.

The White House remains a den of Mafia-types!

Subprime Scandal: Newly released memos from the Clinton presidential library reveal evidence the government had a big hand in the housing crisis. The worst actors were in the White House, not on Wall Street.

During the 1990s, former Clinton aides bragged that more aggressive enforcement of the Community Reinvestment Act pressured banks to issue riskier mortgages, lending more proof the anti-redlining law fueled the crisis.
http://news.investors.com/ibd-editorials/042514-698502-clinton-library-doc-dump-reveals-role-in-subprime-bubble.htm

News Buzzard wrote:More BS from the Right Wing Book Of Mythology !

http://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission

[The Commission] stated: "While the vulnerabilities that created the potential for crisis were years in the making, it was the collapse of the housing bubble—fueled by low interest rates, easy and available credit, scant regulation, and toxic mortgages—that was the spark that ignited a string of events, which led to a full-blown crisis in the fall of 2008. Trillions of dollars in risky mortgages had become embedded throughout the financial system, as mortgage-related securities were packaged, repackaged, and sold to investors around the world. When the bubble burst, hundreds of billions of dollars in losses in mortgages and mortgage-related securities shook markets as well as financial institutions that had significant exposures to those mortgages and had borrowed heavily against them."

News Buzzard wrote:Where is the mention of the CRA? The quote mentions scant regulation as a contributing factor but you have chosen to make it the only factor in an effort to criticize Clinton and Carter. In your warped view of the world Bush never did anything wrong because he has an (R) after his name.  

Without waiting for the Commission's insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted without seeking to understand the true causes of the wrenching events of 2008, perhaps following the precept of the President's chief of staff: "Never let a good crisis go to waste." Although the FCIC's work was not the full investigation to which the American people were entitled, it has served a useful purpose by focusing attention again on the financial crisis and whether--with some distance from it--we can draw a more accurate assessment than the media did with what is often called the "first draft of history."

To avoid the next financial crisis, we must understand what caused the one from which we are now slowly emerging, and take action to avoid the same mistakes in the future. If there is doubt that these lessons are important, consider the ongoing efforts to amend the Community Reinvestment Act of 1977 (CRA).

Late in the last session of the 111th Congress, a group of Democratic Congress members introduced H.R. 6334. This bill, which was lauded by House Financial Services Committee Chairman Barney Frank as his "top priority" in the lame duck session of that Congress, would have extended the CRA to all "U.S. nonbank financial companies," and thus would apply to even more of the national economy the same government social policy mandates responsible for the mortgage meltdown and the financial crisis. Fortunately, the bill was not acted upon.

Because of the recent election, it is unlikely that supporters of H.R. 6334 will have the power to adopt similar legislation in the next Congress, but in the future, other lawmakers with views similar to Barney Frank's may seek to mandate similar requirements. At that time, the only real bulwark against the government's use of private entities for social policy purposes will be a full understanding of how these policies were connected to the financial crisis of 2008.
http://www.aei.org/papers/economics/fiscal-policy/dissent-from-the-majority-report-of-the-financial-crisis-inquiry-commission-paper/

"...Bush tried for six years to reform Fannie and Freddie, 17 times in 2008 alone. The Democrats blocked the reforms, with Barney Frank being quoted in the New York Times saying:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
http://www.aei.org/papers/economics/fiscal-policy/dissent-from-the-majority-report-of-the-financial-crisis-inquiry-commission-paper/

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,”
—Barney Frank (D-Massachusetts)

For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession. But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.

"I hope by next year we'll have abolished Fannie and Freddie," he said. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."

He then added, "I had been too sanguine about Fannie and Freddie."

News Buzzard wrote:Where is the mention of the CRA? The quote mentions scant regulation as a contributing factor but you have chosen to make it the only factor in an effort to criticize Clinton and Carter. In your warped view of the world Bush never did anything wrong because he has an (R) after his name.  

The repeal of Glass Steagall was the final straw that broke the back of the world economy. That was the single worst act that could have ever been done and we are now paying the price in spades. The collapse from 2007 has wiped out even the liquidity of the markets. The second worst act was the creation of the euro when the real goal was the federalization of Europe from the outset. That undermined the entire European banking system and has led to a serious undermining of the entire global economy.