In some cultures, inciting hatred against people by comparing them to suicide bombers and then using the resulting populist outrage as leverage would be considered a form of blackmail: But President Barack Obama wasn’t in a mood to hear……

Why all this ranting? How is it associated with healthcare? Well, education is the driver, a really drunk driver, but the driver nonetheless, and everything else is in the backseat- they do not“ take” the backseat, they are in the backseat. It has …

I disagree about Keynesian professors. If they were true to Keynesian theories then they would not be teaching what has happened post 1970s.

When we hit stagflation Keynesian economics was not able to fix the problem. Keynes did not advocate the massive spending spree that we have seen in the USA, Europe, GB and Australia.

His theory was a lot more limited than the excesses that we are seeing now.

Keynes was not a Marxist, but he did state that his theory would work best in a communist society. However, I have not seen evidence that his theory was ever put into practice.

It would be a good idea to study how GB came out of the Great Depression to see Keynsian economics at work.

What we see now though is not from Keynes, not sure about Milton Friedman, since he had other ideas.

If we had an economics guru of the stature of Keynes and Friedman alive today, maybe somebody might be able to analyze the mess and come up with some ideas on how to fix it.

Marxism is not the answer to the problem, because Marxism as practiced by ACORN and Obama is at the root of the present problems.

Once you start talking CRA and talk about the amendments and the loosening of regulations then you have to start looking at the involvement of Barack Obama at that time – he lobbied Washington to allow those loans to be packaged on behalf of ACORN…

The buck stops at Barack Obama the worst President in our lifetime.

Anybody with so much as one college economics course could see this coming fifteen years ago.
.
logis on March 17, 2009 at 2:13 PM

.
That is the problem. The , Keynesian or Marxist professors destroyed the common sense of the students, and taught them that this nonsense works.

. Thanks. I usually discount the “CRA started all of the trouble” stories. That’s an exaggeration.

AnninCA on March 17, 2009 at 2:07 PM

You’re a fool

if
THEY CANT READ
THEY CANT RIGHT….

the FIRE these BUFFONS CAUSED….

so disreguard everything the feds say…

MORONS

jcila on March 17, 2009 at 5:21 PM

Irony this severe should be physically painful.

the lady HAD to take it due to LAW..

SO i dont care now what the feds say..
I dont care about communist err community re-investment
read you will loan money to poor blacks and hispanics even
if
THEY CANT READ
THEY CANT RIGHT
NO ID
NO JOB
NO INCOME
NO SSN

This again was pushed by the DEMOCRATS and litteraly soaked
the entire financial system in gasoline
and then Barney frank and Dodd threw a match on it..

and what did you expect (ICE CREAM)?
Talk about global warming the FIRE these BUFFONS CAUSED was so bad it RAISED the temperature of Venus..
by 100 degrees..

Morons..

so disreguard everything the feds say and do what is right
and you will be just fine..
and if they sue you?
move to mexico..

hell obama and pelozi would probably send you a check.
MORONS

The ultimate result of shielding men from the effects of folly is to fill the world with fools.
— Herbert Spencer, English Philosopher (1820-1903)

And to make matters 10 times worse, FHA fell right in line and loosened up their lending guidelines to point where making loans on commercial properties started like wildfire.
Knucklehead on March 17, 2009 at 1:49 PM

I was on the flip-side of the real estate lending fiasco. My business used to own our own building, and the banks threw money at us. But when we moved into rental property, banks treated us like lepers. We owned a million dollars worth of equipment and had a two-million-dollar cash flow, but the next time we tried to expand, we literally couldn’t get a one-penny line of credit!

All the non-real estate credit has been dried up for years. Not just private homeowners, but many businesses that had no business investing in real estate have been pushed into it. Maybe it will turn out we were the smart ones, but with monkeys running the Fed, who knows?

This train wreck wasn’t just slow-moving; it was downright glacial. Anybody with so much as one college economics course could see this coming fifteen years ago.

Derivative formulas about spreading the risk that nobody can understand is at the root of the problem. It was math whizzes, sort of like the dot.com boomers.

So bright that their brains fell out of their head.

But this is another story about the excessive pressure of race fairness stuff on us.

I am waiting for a follow-up to the notion that mortgage bankers really did slot AA borrowers into more sub-prime loans, even though the credit portfolio was the same.

When I read that, the only thing I could think of was that they sought out those fly-by-night mortgage brokers. My neighbor was one. Good gravy, the woman couldn’t balance her checkbook….but she was a mortgage broker for Countrywide, trying to talk everyone into a “deal.”

She should know. She got her own kid into a house well beyond her means.

They are all living together now in a cheap apartment.

The daily mantra from the bosses and the loan officers to the appraisers was “make it work, make value or you don’t work”. When the appraisers finally started pushing back, saying it was getting impossible to “make value”, Chase pushed back and got rid of their entire staff of house appraisers.

This is why Forbes and Buffett want mark to market suspended. Houses cannot have a zero value.

Still, the FDIC slapped East Bridgewater Savings with a rare “needs to improve” rating after evaluating the bank under the Community Reinvestment Act.

I knew it! He’s a racist!

PLEASE have this bank owner on O’Reilly or something!!!

(I put my cash in a similar bank but I will not reveal its name. I don’t want to sic the Feds on them.)

As I’ve said elsewhere, I believe that businesses can be more honest, less evasionary, and pro-US citizen.
sethstorm on March 17, 2009 at 1:46 PM

No one here is disagreeing with you. We all believe that you’re a fuzzy-headed idiot too.

Working in the banking industry for the last 7 years I have to say that the CRA is crammed down the throats of ALL employees, not just lenders. On a yearly basis you are tested on your knowledge of the CRA. That yearly testing is a federal regulation.
milwife88 on March 17, 2009 at 12:51 PM

I was a real estate appraiser for almost 20 years, 15 being with one of the biggest banks in the U.S. (Chase) and they started cramming CRA down our throats back in 1994/95. And to make matters 10 times worse, FHA fell right in line and loosened up their lending guidelines to point where making loans on commercial properties started like wildfire.

The daily mantra from the bosses and the loan officers to the appraisers was “make it work, make value or you don’t work”. When the appraisers finally started pushing back, saying it was getting impossible to “make value”, Chase pushed back and got rid of their entire staff of house appraisers.

dmann on March 17, 2009 at 1:32 PM

As I’ve said elsewhere, I believe that businesses can be more honest, less evasionary, and pro-US citizen.

Anyone who doubts that our current economic crisis was largely brought on by liberals forcing banks to apply Affirmative Action to mortgages under the deranged Community Reinvestment Act is referred to one small bank that resisted pressure to make bad….