What’s wrong with this picture?

That people are being lemmings and taking you seriously.

1. Lender makes loans with little or no regard to the borrower’s true ability to pay
2. Lender charges origination fees and makes more profits when loan is immediately sold into secondary market – none of these fees depend on the loan actually being paid so lender has no incentive to make sure borrower can pay. The worse the borrower’s credit, the higher the yield on the security and the more the investors will pay the original lender; so lender has perverse incentive to put borrower into costlier subprime loan even if they qualify for better rates.
3. Borrower defaults, sucker who bought the loan or the mortgage backed security loses money; original lender loses nothing (though in reality many of them have been forced to buy back these loans, whch is what caused so many of the so-called “monline” subprime lenders like Ameriquest to fold)
4. Executives of lenders make huge bonuses while thousands of borrowers default and lose their homes.

This is what has happened the last few years. It isn’t a pretty story and there is blame to go all around. I can’t really blame Democrats for trying to lay it all at the feet of the Bush Admnistration. But you have to be REALLY stupid to make Jim Johnson a big part of your campaign if you want to make the mortgage crisis an issue.

(except if a convicted felon knocks $300K off the price, then move right in).

There was a book called “The Selling of the President”. Now we have “The Buying of the Vice President”.

As we revealed here at LGF back on May 28th, the Scott McClellan book was published by a company that is owned by the Perseus Funds Group, a George Soros operation: The Soros-McClellan Connection.

It’s more than a little interesting to discover that James Johnson, currently under fire as the head of Barack Obama’s VP selection committee, is also the Vice Chairman of Perseus Funds.

I suspect a bus tossing will soon be in order

“Chicago, we have a problem…”

Just how long does it take for the MSM to see that?

Good Lord, if this was a Republican, this hypocrisy would be front and center 24/7.

drjohn on June 10, 2008 at 8:06 PM

The MSM see’s that all right. That’s exactly why the MSM, and politicians hate, and want to control the internet, and us.

Just how long does it take for the MSM to see that?

Good Lord, if this was a Republican, this hypocrisy would be front and center 24/7.

Uh, it’s pretty dishonest to claim Johnson’s “Picking his VP”. Vetting is basically a research role, he’s not an adviser nor has he been granted any long-term campaign position.

Typhonsentra on June 10, 2008 at 7:55 PM

Tell that to Dick Cheney.

ABC News
Political Punch
by Jake Tapper
ABC News’ Sunlen Miller today asked Sen. Barack Obama, D-Illinois, how he could “rail against Countrywide Financial Corp as an example of insiders and today’s economy while your VP search is hea…

Seriously, WTF?

Along that line of logic (or lack thereof): How many bookstores have gone out of business while Barry O. has been raking in millions for penning his awful books? That ain’t right!

Helping Countrywide CEOs = bad
Getting help from Countrywide CEOs = good!

Typhoon on June 10, 2008 at 6:20 PM

Agreed, this is the central tenet of the “left” along with making someone else pay for what you desire. If there is any doubt one need only look at the current energy crisis. These are the “defenders” of the poor and middle classes. And when you vote against a candidate who is going to tax an entity that is going to pass that tax on to you through higher prices you are voting against your own best interest.

Stupidity and arrogance.

Was that her sister on Drew Carey’s Price is Right?

Since Hobama Pinocchio tossed Jiminy Cricket under the bus, Curious George suffered the same fate.

MKH, was that a ken doll?

Now what’s wrong with this picture?

Well can we start with that the speaker is a blithering idiot?

No. Really. I saw a guy the other day wearing a t-shirt with Barry’s mug on it and it said: This time we want a SMART president.

This tool is smart?

Listen to what he said. He wants to have it two ways: He wants Countrywide to be responsible for lending too freely and causing foreclosures, but he also wants them to be responsible for the valoue of real estate after they stop.

Well, Barry, if there wasn’t anyone out there lending easy money to begin with, housing prices would be where they’ll wind up after that money’s out of the market, won’t they?

And when they are, school districts will just have to set their budgets based on what real estate taxes bring in with no “predatory lenders” around to jack up values, one of the consequences of which is that they get more money.

But you can’t have it both ways.

Dumba$$.

Now, what’s wrong with this picture?

You want a list, Barry?

1) corruption
2) hypocrisy
3) bad judgement

And, that’s just for openers.