More Republican Party hilarity...

[stumbler]

Originally Posted by Hurzey

American politics are such a bullshit. The democratic idea is better than, the republican, but all in all republicans AND democratics are just conservative as hell. It's just too bad for your country, that the health-care reforms failed. If you would know the german health-care system for example you would know why.

Thank you. Maybe you. A calm brave voice from the outside can pierce our consciousness.

[ace's n 8's]

Originally Posted by Hurzey

American politics are such a bullshit. The democratic idea is better than, the republican, but all in all republicans AND democratics are just conservative as hell. It's just too bad for your country, that the health-care reforms failed. If you would know the german health-care system for example you would know why.

You can always run over to the ''personals'' thread. And I say that because you have no idea what American politics is all about.

[ace's n 8's]

Originally Posted by stumbler

Thank you. Maybe you. A calm brave voice from the outside can pierce our consciousness.

Not a chance.......

[Distant Lover]

Originally Posted by Hurzey

American politics are such a bullshit. The democratic idea is better than, the republican, but all in all republicans AND democratics are just conservative as hell. It's just too bad for your country, that the health-care reforms failed. If you would know the german health-care system for example you would know why.

Originally Posted by ace's n 8's

You can always run over to the ''personals'' thread. And I say that because you have no idea what American politics is all about.

I do know what American politics is all about. I agree with Hurzey. If one wants to see how to do something well one should see how it is done in Germany or Scandinavia.

[ace's n 8's]

Originally Posted by Distant Lover

I do know what American politics is all about. I agree with Hurzey. If one wants to see how to do something well one should see how it is done in Germany or Scandinavia.

The combined population of Germany and Scandinavia does not even match the U.S. population by half,, the U.S. federal government CAN NOT care for 313 million people,,hell we are having a hard time caring for 157 million people, that we as tax payers already care for.

[RandyKnight]

Originally Posted by ace's n 8's

The combined population of Germany and Scandinavia does not even match the U.S. population by half,, the U.S. federal government CAN NOT care for 313 million people,,hell we are having a hard time caring for 157 million people, that we as tax payers already care for.

Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...

[ace's n 8's]

Originally Posted by RandyKnight

Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...

You care to explain that??

[RandyKnight]

Originally Posted by ace's n 8's

You care to explain that??

Yep under the Bush regulations we drained Europe's banks selling them bogus paper rated AAA called Mortgage Backed securities...

My finale answer and I am not going to argue with your dumb ass....

But our Central Bank has chipped in for several Trillion to help them out...

[Distant Lover]

Originally Posted by ace's n 8's

The combined population of Germany and Scandinavia does not even match the U.S. population by half,, the U.S. federal government CAN NOT care for 313 million people,,hell we are having a hard time caring for 157 million people, that we as tax payers already care for.

I fail to see the importance of that. Do you believe that if the United States divided into several smaller countries that they would have fewer economic problems?

[ace's n 8's]

Originally Posted by RandyKnight

Yep under the Bush regulations we drained Europe's banks selling them bogus paper rated AAA called Mortgage Backed securities...

My finale answer and I am not going to argue with your dumb ass....

But our Central Bank has chipped in for several Trillion to help them out...

You shouldn't argue with me,,obviously you have no idea where all of that 'paper' stemmed from, while I wouldn't mind educating you on it,, I dont have the patients for you.

Originally Posted by Distant Lover

I fail to see the importance of that. Do you believe that if the United States divided into several smaller countries that they would have fewer economic problems?

Of course you dont see the importance,,you feel that government funding needs to be unlimited,, everyone taxed to the hilt to support your personal needs along with the rest of the U.S. population..WHERE HAS IT GOTTEN US NOW???

[RandyKnight]

Originally Posted by ace's n 8's

You shouldn't argue with me,,obviously you have no idea where all of that 'paper' stemmed from, while I wouldn't mind educating you on it,, I dont have the patients for you.

???

You don't have the intelligence for the markets to even carry on a discussion of this type.

[ace's n 8's]

Originally Posted by RandyKnight

You don't have the intelligence for the markets to even carry on a discussion of this type.

Lets give it a shot,,big guy.

[ace's n 8's]

Where are you at RandyKnight,,did you run and hide already,,c'mon,, prove me to be a dumbass, and not intelligent enough,,,come on son,,give it your best shot..

[RandyKnight]

Originally Posted by ace's n 8's

Where are you at RandyKnight,,did you run and hide already,,c'mon,, prove me to be a dumbass, and not intelligent enough,,,come on son,,give it your best shot..

I did not run off I went to bed....Hey this is not a chat room this is a forum which means a return answer can come at any time or not at all.

[ace's n 8's]

Originally Posted by RandyKnight

I did not run off I went to bed....Hey this is not a chat room this is a forum which means a return answer can come at any time or not at all.

I will assume it will be 'not at all',,it would probably be best for you anyways,, I'd hate to see you in need of Prozac after you learned the truth about;

Originally Posted by RandyKnight

Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...

Originally Posted by RandyKnight

Yep under the Bush regulations we drained Europe's banks selling them bogus paper rated AAA called Mortgage Backed securities...

My finale answer and I am not going to argue with your dumb ass....

But our Central Bank has chipped in for several Trillion to help them out...

[RandyKnight]

Originally Posted by ace's n 8's

I will assume it will be 'not at all',,it would probably be best for you anyways,, I'd hate to see you in need of Prozac after you learned the truth about;

Not really sure what you are looking for here...

Our MBS's total bankrupted the little country of Iceland which is a known fact....

and now it is coming out in Europe...

WALL STREET'S MORTGAGE-BACKED SECURITY FRAUD DESTROYED BOTH THE US AND EU ECONOMIES!

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.

[RandyKnight]

Originally Posted by ace's n 8's

I will assume it will be 'not at all',,it would probably be best for you anyways,, I'd hate to see you in need of Prozac after you learned the truth about;

this was last Nov. but things are getting worse...

The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.


That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist.


The move came once it was clear that Europe's prostrate banks would struggle to roll over $2 trillion (£1.3 trillion) of debts denominated in dollars. Data from ratings agency Fitch shows that US money markets have slashed funding for French banks by 69pc and German banks by 50pc.

[shootersa]

Originally Posted by RandyKnight

Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...

I love it............next we can blame Bush for Aids, world poverty, the homicide rate in Australia, pregnancy among single women, and child mortality rates.

Assuming "Bush" did sell bogus paper, who the fuck BOUGHT them????

[RandyKnight]

Originally Posted by shootersa

I love it............next we can blame Bush for Aids, world poverty, the homicide rate in Australia, pregnancy among single women, and child mortality rates.

Assuming "Bush" did sell bogus paper, who the fuck BOUGHT them????

Your right up there with ACE when it comes to understanding world markets...your the guy that believes in making money and spending all of it and dieing broke.

You best hope your Republican buddies have not gotten ride of Social Security before you turn 67....and if you think you have a pension somewhere better go check on it also.

[ace's n 8's]

Originally Posted by RandyKnight

Not really sure what you are looking for here...

Our MBS's total bankrupted the little country of Iceland which is a known fact....

and now it is coming out in Europe...

Whoa big guy,,there is no need for you to side track the show here,,I have no intentions of debating which country or nation is in serious financial trouble, and by no means did I ever say that there isn't any financial issue abroad.

YOU SAID;

Originally Posted by RandyKnight
Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...
Quote:
Originally Posted by RandyKnight
Yep under the Bush regulations we drained Europe's banks selling them bogus paper rated AAA called Mortgage Backed securities...

My finale answer and I am not going to argue with your dumb ass....

But our Central Bank has chipped in for several Trillion to help them out...

AND I SAID;

[QUOTE]

Originally Posted by ace's n 8's

You shouldn't argue with me,,obviously you have no idea where all of that 'paper' stemmed from, while I wouldn't mind educating you on it,, I dont have the patients for you.

Lets no alter the outcome of this little debate,,by you sidestepping the original statements.

[RandyKnight]

White House Philosophy Stoked Mortgage Bonfire

“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

Eight years after arriving in Washington vowing to spread the dream of homeownership, Mr. Bush is leaving office, as he himself said recently, “faced with the prospect of a global meltdown” with roots in the housing sector he so ardently championed.

There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.

But the story of how we got here is partly one of Mr. Bush’s own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.

From his earliest days in office, Mr. Bush paired his belief that Americans do best when they own their own home with his conviction that markets do best when let alone.

He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.

[SaraTG]

Originally Posted by RandyKnight

Maybe not but the population of Europe matches us and their mess is really fucking with out markets....

But hey let's don't talk about the fact that Bush and his bullshit is what fucked up Europe...

Huh? Europe is a Socialist nightmare and the big government hand-out and entitlement programs are what is bankrupting them. No one wants to work. Those Europeans who do are in unions where everyone is over paid and have to do little work. The only ones who do work are low cost immigrant workers who get paid under the table and there is no tax flow coming in to balance the massive welfare and hand-out payouts. None of any of that has anything to do with Bush. I am no Bush supporter, I just don't like reading inaccurate statements.

[RandyKnight]

Originally Posted by SaraTG

Huh? Europe is a Socialist nightmare and the big government hand-out and entitlement programs are what is bankrupting them. No one wants to work. Those Europeans who do are in unions where everyone is over paid and have to do little work. The only ones who do work are low cost immigrant workers who get paid under the table and there is no tax flow coming in to balance the massive welfare and hand-out payouts. None of any of that has anything to do with Bush. I am no Bush supporter, I just don't like reading inaccurate statements.

During the Bush Administration..


WALL STREET'S MORTGAGE-BACKED SECURITY FRAUD DESTROYED BOTH THE US AND EU ECONOMIES!

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.

[Distant Lover]

Originally Posted by SaraTG

Huh? Europe is a Socialist nightmare and the big government hand-out and entitlement programs are what is bankrupting them. No one wants to work. Those Europeans who do are in unions where everyone is over paid and have to do little work. The only ones who do work are low cost immigrant workers who get paid under the table and there is no tax flow coming in to balance the massive welfare and hand-out payouts. None of any of that has anything to do with Bush. I am no Bush supporter, I just don't like reading inaccurate statements.

Democratic socialism exists nowhere. The closest approximation to democratic socialism is Scandinavian social democracy. The Scandinavian countries retain AAA ratings with Standard & Poor's and Moody's. They have less public debt as a percentage of gross domestic product than the United States.

[ElCasanova]

Originally Posted by RandyKnight

Yep under the Bush regulations we drained Europe's banks selling them bogus paper rated AAA called Mortgage Backed securities...

My finale answer and I am not going to argue with your dumb ass....

But our Central Bank has chipped in for several Trillion to help them out...

I have a question for you, and I do not have much time to be on here, but will use your own article as a basis for your assumption and not proof. In the article from Shahien Nasiripour, she states the following:

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation's central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

http://beforeitsnews.com/story/289/4...e_Bailout.html
http://www.commondreams.org/headline/2010/12/01-7

So explain to me how exactly Bush is to blame if this occurred in January of 2009? In January 2009 Obama was already in office.

Now if you are talking about the infamous Housing and Economic Recovery Act of 2008, you can blame Congress for passing it, and not just Republicans either. Because it passed with a bipartisan vote from Congress, which the majority of the votes coming from the Democrats. Mostly Republicans tried to stop many parts of it. Senate approved it by a 80 to 13 vote, which we know the majority of those were Democrats again. Now Bush did sign it into law, no question. But Democrats had majority in both House and Senate at the time; Democrats would have rammed it down Bush's ass if he had not signed it.

Now in January 2009 you also had a new Secretary of the Treasury take office named Timothy Geithner this is important because due to the infamous Housing and Economic Recovery Act of 2008, the Treasury owned both Fannie Mae and Freddie Mac. And you can thank Obama for getting Timothy Geithner who made some changes to the law.

And if you mention TARP, Bush did start it, but Obama continued it.

So you cannot blame just Bush for the "fact" that "it was him and his bullshit what fucked up Europe", as you stated. It was a multiple amount of people who had their hands in it, if you want to blame the US for it.

[RandyKnight]

Originally Posted by ElCasanova

I have a question for you, and I do not have much time to be on here, but will use your own article as a basis for your assumption and not proof. In the article from Shahien Nasiripour, she states the following:

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation's central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

http://beforeitsnews.com/story/289/4...e_Bailout.html
http://www.commondreams.org/headline/2010/12/01-7

So explain to me how exactly Bush is to blame if this occurred in January of 2009? In January 2009 Obama was already in office.

Now if you are talking about the infamous Housing and Economic Recovery Act of 2008, you can blame Congress for passing it, and not just Republicans either. Because it passed with a bipartisan vote from Congress, which the majority of the votes coming from the Democrats. Mostly Republicans tried to stop many parts of it. Senate approved it by a 80 to 13 vote, which we know the majority of those were Democrats again. Now Bush did sign it into law, no question. But Democrats had majority in both House and Senate at the time; Democrats would have rammed it down Bush's ass if he had not signed it.

Now in January 2009 you also had a new Secretary of the Treasury take office named Timothy Geithner this is important because due to the infamous Housing and Economic Recovery Act of 2008, the Treasury owned both Fannie Mae and Freddie Mac. And you can thank Obama for getting Timothy Geithner who made some changes to the law.

And if you mention TARP, Bush did start it, but Obama continued it.

So you cannot blame just Bush for the "fact" that "it was him and his bullshit what fucked up Europe", as you stated. It was a multiple amount of people who had their hands in it, if you want to blame the US for it.

I really thought you were sharper than what you wrote...I am guessing this is your main question...

So explain to me how exactly Bush is to blame if this occurred in January of 2009? In January 2009 Obama was already in office.

Have you ever seen a real live train wreck....one that takes about a moment to happen and 6 months to clean up....

This financial train was heading down the tracks as I pointed out in my other posts during much of Bush tenure. As it rolled along it became a worst situation and was ignored by Bush even though it is documented he was warned.

Unfortunately for Bush the wreck occurred when Lehman brothers went under and then all the cars behind it began piling up.

The work on cleaning that train wreck is still in progress and we could very well be creating the next wreck in how we have gone about cleaning up this last mess.

Next you say this...

Now if you are talking about the infamous Housing and Economic Recovery Act of 2008, you can blame Congress for passing it, and not just Republicans either

However I had already posted this...

There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.

But the story of how we got here is partly one of Mr. Bush’s own making, according to a review of his tenure that included interviews with dozens of current

and former administration officials.

Now this mess and that train started rolling a long time ago and a lot of things from both sides of the isle led to it....Never the less during the Bush years it grew exponentially until it hit the wall.

Then you said.....

Now in January 2009 you also had a new Secretary of the Treasury take office named Timothy Geithner this is important because due to the infamous Housing and Economic Recovery Act of 2008

Believe me I am not happy with much of what Obama has done to clean up the mess included Tim "the tax evader" Geither.

A lot of the people Obama kept around or brought in to me was like having the FOX guard the Hen House. The problem was that Obama thought he needed people who understood what had taken place because I honestly don't think Obama had a clue.

Here is a question...if we had gone after bankers who had committed fraud and theft and they were headed to the jail for their actions do you think J P Morgan Chase and Jamie Dimon would have lost 2 to 5 billion bucks a month ago in Bull Shit Speculation?

[CS natureboy]

This fucked up economy is like being in a burning building.

The Democrats and Republicans just want to stand around and accuse each other for starting the fire.

Where as the average hard working tax paying American doesn't care anymore who is responsible for starting it. They just want it put out and they don't care about all of this finger pointing shit.

I also think it is pretty clear from the last 3 years of the disaster known as the Obama administration, that we can not spend our way out of a recession.

Especially when Obama is spending money the tax payers don't have.

[RandyKnight]

Originally Posted by CS natureboy

This fucked up economy is like being in a burning building.

The Democrats and Republicans just want to stand around and accuse each other for starting the fire.

Where as the average hard working tax paying American doesn't care anymore who is responsible for starting it. They just want it put out and they don't care about all of this finger pointing shit.

I also think it is pretty clear from the last 3 years of the disaster known as the Obama administration, that we can not spend our way out of a recession.

Especially when Obama is spending money the tax payers don't have.

I think those fuckers look at things a little differnt than you but you are correct we are digging a 150 billion dollar hole each month....

[shootersa]

Originally Posted by RandyKnight

Your right up there with ACE when it comes to understanding world markets...your the guy that believes in making money and spending all of it and dieing broke.

You best hope your Republican buddies have not gotten ride of Social Security before you turn 67....and if you think you have a pension somewhere better go check on it also.

I repeat the question; Assuming "Bush" did sell bogus paper, who the fuck BOUGHT them????

Innocent babes who didn't understand the risk or greedy fucks looking to make a killing?

And yeah, I hope the day I die my last check bounces, my 401(K) balance is zero, my (union) pension is broke, my social security check bounces and my house burns down. And I hope the government has to bury my scurvy ass.............The hell good is it if I don't spend it?

[RandyKnight]

Originally Posted by shootersa

I repeat the question; Assuming "Bush" did sell bogus paper, who the fuck BOUGHT them????

Innocent babes who didn't understand the risk or greedy fucks looking to make a killing?

And yeah, I hope the day I die my last check bounces, my 401(K) balance is zero, my (union) pension is broke, my social security check bounces and my house burns down. And I hope the government has to bury my scurvy ass.............The hell good is it if I don't spend it?

Starting about in 2005, Wall Street started bundling mortgages together into investment bundles.

The initial offerings were greeted with great success, and soon everybody wanted to get in this new "product." So great was the demand for Mortgage-backed Securities (MBS, also called Collateralized Debt Obligations) that Wall Street started running out of mortgages to front-load the system!

This led to the creation of the "sub-prime" mortgage; granting mortgages to people who normally would not qualify.

Congress, themselves invested in the Wall Street firms that were profiting from selling MBS, passed an $8000 first-time homebuyer tax credit (actually a loan repaid in future taxes) to lure more buyers in which helped front-load the process even faster.

This sudden surge in new homebuyers increased demand and home prices skyrocketed! This made investors and homebuyers even more confident, demand for homes and MBS soared even higher and a genuine bubble was being formed.


Demand for MBS was so great that as the supply of available mortgages began to dwindle, brokers started taking 'shortcuts'.


Bear Sterns was pledging the same mortgages into multiple investment bundles; a clear case of fraud.


Other brokers were blending mortgages into the bundles that were already in foreclosure.


As the returns from the MBS failed to materialize evidence surfaced that the earlier earnings had not been genuine, but were "ponzi" payoffs, using money collected from new investors to send dividends to older investors.


The whole scanmstarted to unravel in 2008 (Bush Term) and here is where things took a dark turn. Because Congress had their own fortunes invested in the companies at the heart of the fraud, Congress decided to prop up the scam with taxpayer money and block any efforts to investigate or prosecute.


That is why TARP was passed by the Congress despite 90% popular opposition. Congress were saving themselves at the expense of the taxpayers.


The phrase "toxic asset" was DC-speak for the fraudulent mortgages backed securities, which were being repurchased in order to avoid investors seeking to jail the Wall Street criminals, which would have brought all of Wall Street down.


Despite claims that the US taxpayer would be refunded when the "Toxic Assets" were resold at some point in the future, the reality is that none of those assets will ever see a penny of repayment, because they are all the product of the biggest financial swindle in history. Bigger than Tulip mania. Bigger than the Great South Seas Company disaster.


These fraudulent mortgage-backed securities were being given triple-A ratings by the Wall Street ratings agencies, which were supposed to provide independent analysis of the value of investments. But as we saw with Arthur Anderson and ENRON, the supposed independent authority colluded to make the swindle look better than it was.


Because the ratings agencies were giving triple-A ratings to the mortgage-backed securities, even as they reeled from losses, pension funds and retirement funds were allowed to purchase them, which is the real reason why public pensions for teachers, police, and firefighters have gone broke.



MORTGAGE-BACKED SECURITES FRAUD 4 DUMMIES! (aka the Cliff Notes version)

http://whatreallyhappened.com/WRHARTICLES/MBS4dummies.php

[RandyKnight]

Originally Posted by shootersa

I repeat the question; Assuming "Bush" did sell bogus paper, who the fuck BOUGHT them????

Innocent babes who didn't understand the risk or greedy fucks looking to make a killing?

And yeah, I hope the day I die my last check bounces, my 401(K) balance is zero, my (union) pension is broke, my social security check bounces and my house burns down. And I hope the government has to bury my scurvy ass.............The hell good is it if I don't spend it?

What a union...are you a socialist nut or what?

[origen01]

Originally Posted by RandyKnight

What a union...are you a socialist nut or what?

[RandyKnight]

Originally Posted by origen01

you saw this right?...hit another page....

Originally Posted by RandyKnight

Starting about in 2005, Wall Street started bundling mortgages together into investment bundles.

The initial offerings were greeted with great success, and soon everybody wanted to get in this new "product." So great was the demand for Mortgage-backed Securities (MBS, also called Collateralized Debt Obligations) that Wall Street started running out of mortgages to front-load the system!

This led to the creation of the "sub-prime" mortgage; granting mortgages to people who normally would not qualify.

Congress, themselves invested in the Wall Street firms that were profiting from selling MBS, passed an $8000 first-time homebuyer tax credit (actually a loan repaid in future taxes) to lure more buyers in which helped front-load the process even faster.

This sudden surge in new homebuyers increased demand and home prices skyrocketed! This made investors and homebuyers even more confident, demand for homes and MBS soared even higher and a genuine bubble was being formed.


Demand for MBS was so great that as the supply of available mortgages began to dwindle, brokers started taking 'shortcuts'.


Bear Sterns was pledging the same mortgages into multiple investment bundles; a clear case of fraud.


Other brokers were blending mortgages into the bundles that were already in foreclosure.


As the returns from the MBS failed to materialize evidence surfaced that the earlier earnings had not been genuine, but were "ponzi" payoffs, using money collected from new investors to send dividends to older investors.


The whole scanmstarted to unravel in 2008 (Bush Term) and here is where things took a dark turn. Because Congress had their own fortunes invested in the companies at the heart of the fraud, Congress decided to prop up the scam with taxpayer money and block any efforts to investigate or prosecute.


That is why TARP was passed by the Congress despite 90% popular opposition. Congress were saving themselves at the expense of the taxpayers.


The phrase "toxic asset" was DC-speak for the fraudulent mortgages backed securities, which were being repurchased in order to avoid investors seeking to jail the Wall Street criminals, which would have brought all of Wall Street down.


Despite claims that the US taxpayer would be refunded when the "Toxic Assets" were resold at some point in the future, the reality is that none of those assets will ever see a penny of repayment, because they are all the product of the biggest financial swindle in history. Bigger than Tulip mania. Bigger than the Great South Seas Company disaster.


These fraudulent mortgage-backed securities were being given triple-A ratings by the Wall Street ratings agencies, which were supposed to provide independent analysis of the value of investments. But as we saw with Arthur Anderson and ENRON, the supposed independent authority colluded to make the swindle look better than it was.


Because the ratings agencies were giving triple-A ratings to the mortgage-backed securities, even as they reeled from losses, pension funds and retirement funds were allowed to purchase them, which is the real reason why public pensions for teachers, police, and firefighters have gone broke.



MORTGAGE-BACKED SECURITES FRAUD 4 DUMMIES! (aka the Cliff Notes version)

http://whatreallyhappened.com/WRHART...BS4dummies.php

We bankrupted Iceland with these MBS's but look what they have done...

Iceland had the right solution. They tossed the crooked bankers in jail and fired the government that tried to loot the people to save those bankers and Iceland's economy is already on the rise. (Which is why you don't see much mention of them any more in the American media)

[shootersa]

Originally Posted by RandyKnight

What a union...are you a socialist nut or what?

Union job I had many years ago.............if I wanted the job I joined the union. Paid my dues like a good little boy, went to the meetings, kept my mouth shut.

And when the job was eliminated the union made sure less qualified, but stronger union supporters were taken care of. Seniority my ass!.

Just to spite the fuckers I keep the pension sitting there. By te time I retire I figure the thing ought to just about cover beer money.

And if you've read any of my messages you know I'm anything but a socialist. But then you knew that already.

[stumbler]

Lawsuit Accuses GOP Donor Adelson of Pursuing "Prostitution Strategy" In His Hotels

A former executive at the Las Vegas Sands Corp., whose chairman is Republican mega-donor Sheldon Adelson, has accused the company of "controlling and directing" prostitution at its casinos in Macau, the Wall Street Journal reports. The accusations are part of a wrongful termination lawsuit filed by the former executive, Steve Jacobs.

http://www.motherjones.com/mojo/2012...egy-his-hotels

[stumbler]

Once again we have a perfect example of the lie of conservatism as it is preached and practiced in this nation and the ridiculous liars who practice it. And of course its also a grand example of the GOP's hilarious hypocrisy.

Paul Ryan: Medicare Cuts Keep Money For Medicare (VIDEO)

WASHINGTON -- Republican budget guru Rep. Paul Ryan (R-Wis.) said Sunday that by cutting $500 billion from Medicare, his budget proposal would keep that money for Medicare.


ABCNews' "This Week" host George Stephanopoulos asked Ryan about Republican presidential candidate Mitt Romney's contested claim that health care reform simultaneously cuts $500 billion from Medicare, hikes taxes by $500 billion and adds trillions to the deficit over a 10-year stretch.


"By that accounting," Stephanopoulos said, "your own budget, which Gov. Romney has endorsed, would also have $500 billion in Medicare cuts."


"Well our budget keeps that money for Medicare to extend its solvency," Ryan said. "What Obamacare does is it takes that money from Medicare to spend on Obamacare."

Stephanopoulos was confused: "Congressman, correct me if I am wrong: I thought your Medicare savings were put toward deficit reduction, debt reduction."

"Which extends the solvency of Medicare," Ryan said. "What they do in Obamacare, they try to count this dollar twice. They claim that this helps Medicare solvency and, at the same time, they spend this money on creating Obamacare.


"The trustee report for Medicare, they say the same thing," Ryan added. "You can't count these dollars twice. In our budget we make sure all of these dollars from Medicare savings go toward extending the solvency of Medicare and don't go toward spending new money on Obamacare."


According to the Congressional Budget Office, which has projected that the Affordable Care Act would reduce the deficit, the Medicare "cuts" called for by the new health care law are more restrictions on future growth in spending.

http://www.huffingtonpost.com/2012/0...n_1640990.html

[AZRIEL]

[RandyKnight]

so this is on the second page?

did someone run off....

[stumbler]

Its tough to be a voice of truth and reason in the face of GOP hilarious hypocrisy.

Reagan-Appointed Judge Defends Roberts, Says GOP Has Become ‘Goofy’

Judge Richard Posner was appointed to the bench by former President Ronald Reagan, and has earned a sparkling reputation as a conservative jurist. But Posner, a judge on the 7th U.S. Circuit Court of Appeals in Chicago, says the current incarnation of the Republican Party has driven him away from conservatism.



In a candid interview with NPR Thursday, Posner opened up about what he sees as a “real deterioration in conservative thinking” over the last decade.


“I’ve become less conservative since the Republican Party started becoming goofy,” Posner said.

http://tpmdc.talkingpointsmemo.com/2...ref=fpnewsfeed

[deviousdave]

I like not having to worry about healthcare.

However, socialised healthcare in the UK does have one or two drawbacks. Certain new treatments are only available to people with certain post/zipcodes. If you live in one area you might be eligible for a particular cancer treatment, however someone who lives merely a mile away might not be, and that person will likely die.

It's not free. Tax in the UK and most of Europe is a lot more than in the US. Not just income tax either, just take a peak at how much goods and services cost.

Waiting lists. A huge problem with the NHS is that it is not big enough to support the growing population of the UK. This is a factor for two reasons, firstly because of modern medicine, people are living to be a lot older (at least there are some good points for socialised medicine there), secondly there has been mass immigration into the UK in recent decades. As a result you now have to wait an eternity for any treatment that isn't for an emergency or for a life saving condition.

Also because of socialised medicine, there now seems to be a culture of people with hypochondria. Far too many people who aren't ill put a serious strain on the NHS, this is not an exaggeration either. It is a very serious problem.

[stumbler]

I swear these are the kinds of daily direct contradictions that only seriously brainwashed parrots can over look.

In 2006, Romney Called The Same Unfair Accounting He Uses To Assess Obama’s Jobs Record ‘Silly’

When Mitt Romney criticizes the job creation record of the Obama administration, he contributes job losses to Obama that took place in January 2009, immediately after the President was inaugurated. As the New York Times explained, “By counting from January 2009, Mr. Romney paints the bleak portrait of a country that despite a modest recovery still has fewer jobs than it did when Mr. Obama took office.” However, when he was Governor of Massachusetts, Romney called that sort of accounting “silly.” In a video uncovered by American Bridge, Romney explicitly rejected attributing job losses from the beginning of his term to his own total, which is exactly what he has been doing to slam Obama:

ROMNEY: You guys are bright enough to look at the numbers. I came in and the jobs had been just, like falling off a cliff. And I came in and they kept falling for eleven months. And then we turned around and we’re coming back. And that’s progress. And if you’re going to suggest to me that somehow the day I got elected, somehow jobs should immediately turn around, well that would be silly. It takes a while to get things turned around. We were in a recession…There will be some people who try to say, ‘well governor, net-net you’ve only added a few thousand jobs since you’ve been in.’ Yeah, but I helped stop — I didn’t do it alone, the economy’s a big part of that, the private sector is what drives that, up and down — but we were in free-fall for three years.

Watch it:



Here is the Obama administration’s record when it comes to private sector job creation, with a free-fall due to the Great Recession at the beginning and a slow but steady turnaround, courtesy of Maddowblog:




And of course, the unemployment rate would be a full percentage point lower than it is today if severe budget cuts had not been adopted at the state and local level, which have caused massive public sector job losses.

http://thinkprogress.org/economy/201...eo-jobs-silly/

[AZRIEL]

[stumbler]

Originally Posted by AZRIEL

Translation:

Hey look at me.

[ace's n 8's]

Originally Posted by stumbler

Translation:

Hey look at me.

NAH,.,,that's not the proper translation,,it's ''the leftists have shit upside down, inside out, backwards and FUBAR'' (fucked up beyond all recognition)

[AZRIEL]

Originally Posted by stumbler

Hey look at me.
stumpler.jpg

[ace's n 8's]

Originally Posted by stumbler
Hey look at me.

OHHHH,,you're so BIGGG

[stumbler]

Originally Posted by ace's n 8's

OHHHH,,you're so BIGGG

Well then go ahead and suck it Ace.

[RandyKnight]

Originally Posted by stumbler

Well then go ahead and suck it Ace.

He is busy wiping the brown off his nose from shoving it up the right wing leaders asses....

[stumbler]

Originally Posted by RandyKnight

He is busy wiping the brown off his nose from shoving it up the right wing leaders asses....

Well Ace has been busy and that is for sure.

[stumbler]

Here's one reason I think it was political suicide for the conservative/Republican/Tea Party to go a bible thumping contest and kick off a war with women in the process. And that's because women like Debbie Wassermann Schultz are likely to stomp a political mudhole in your ass.

On Mitt Romney's alleged release of income tax filings.

“I’d really like to see Mitt Romney release more than one year of tax records because there’s been disturbing reports recently that he’s got a … secretive Bermuda corporation that no one knows anything about,” DNC chair Debbie Wasserman Schultz said on “Fox News Sunday.”

But let's what others had to say as well:

On the Sunday talk show circuit, Republicans fired away at President Obama over Friday’s disappointing jobs report, while Democrats pounded away at Romney’s Swiss bank account and offshore firm in Bermuda.
“This is a guy whose slogan is ‘Believe In America’ but it should be ‘Business In Bermuda,’” said Obama campaign adviser Robert Gibbs on CNN’s “State of the Union.” “That’s what Mitt Romney’s all about.”



On ABC’s “This Week,” Maryland Gov. Martin O’Malley said, “I’ve never known of a Swiss bank account to build an American bridge, a Swiss bank account to create American jobs, or a Swiss bank accounts to rebuild the levies to protect the people of New Orleans. That’s not an economic strategy for moving our country forward.”


Prominent Democrats called on Romney to release more of his tax returns.

http://2012.talkingpointsmemo.com/20...ref=fpnewsfeed