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Ron Paul Addresses Congress About TSA

Hits: 15819 | Rating: (2.9) | Category: News & Politics | Added by: madest
Page: 1 2 3 4 Next >   Jump to: Bottom    Last Post
gbrzeatetee
Male, 30-39, Eastern US
 174 Posts
Tuesday, November 23, 2010 11:57:27 AM
So Ron Paul wants to replace the TSA with a private corp. gg.

furryblob
Male, 18-29, Europe
 577 Posts
Saturday, November 20, 2010 9:21:53 AM
I can only agree with this guy about half the time. The rest of the time he just comes across as a heartless no-nothing libertarian.

DMoneys36
Male, 13-17, Western US
 222 Posts
Friday, November 19, 2010 7:10:28 PM
The video wouldn't load for me, versionhere's a page with the youtube player

kylegritchie
Male, 18-29, Canada
 20 Posts
Friday, November 19, 2010 2:56:11 PM
Broken!!!!!!! link

kilroy5555
Male, 30-39, Eastern US
 502 Posts
Friday, November 19, 2010 2:36:55 PM
And OldOllie, I think our regulatory system was set up to ENCOURAGE these loans being made by banks. Why would politicians step in on the other side and shake their finger at Wall St for repackaging all the toxic loans they were encouraging banks to make, especially since you're oftentimes speaking of different divisions of the same institution.

kilroy5555
Male, 30-39, Eastern US
 502 Posts
Friday, November 19, 2010 2:34:10 PM
And it's not over yet. The fact that so many more loans were originated meant that many more people could "afford" to buy houses. Which means that housing demand (and prices)skyrocketed before the collapse.

Now the number of people living in houses they're not paying for is beyond the capacity of banks' foreclosure processes to handle. I doubt the market's going to bottom out until all those toxic mortgages have been processed out of the market one way or the other.

kilroy5555
Male, 30-39, Eastern US
 502 Posts
Friday, November 19, 2010 2:27:19 PM
Clearly Madest hasn't heard the Obama interview where he states that the CRA started with a noble purpose, but that things started getting out of control once banks started doling out loans like candy. Or the video where Andrew Cuomo says that successfully implementing housing policy will mean that banks have to take on more risk, which is a necessary thing to end discriminatory lending practices.

I don't need Fox News when I get it straight from the horse's mouth.

When I say "Toxic Loans", I mean subprime loans which should never have been made by banks. These loans were bundled into mortgage backed securities and sold to investors. It was only after the mortgages underlying the mortgage backed securities started going belly-up that the investment assets actually became "toxic". Before they became "toxic", I suppose you might call them time bombs. Semantics.

CrakrJak
Male, 40-49, Midwest US
 17035 Posts
Friday, November 19, 2010 1:13:59 PM
madest: Democrats did it, Clinton pressured them to loosen the requirements and the Democrat congressmen covered it up, While taking campaign donations from the bankers perpetrating the fraud.
Obama hired Timothy Geithner and Hank Paulson, Both of them from Goldman Sachs, For his cabinet. Both of them profited from those fraudulent loans while employed at Goldman Sachs, Then helped orchestrate the bailouts that benefited Goldman Sachs.

OldOllie
Male, 60-69, Midwest US
 14116 Posts
Friday, November 19, 2010 11:58:13 AM
Yes, CRA was passed in 1977 (under Carter and the Dems.), but it was the Clinton admin. that stepped up enforcement and got the sub-prime (toxic asset) ball rolling. In order to keep it rolling, FM&FM bought up the bad loans so the banks keep making bad loans. FM&FM bundled and resold those toxic loans to Wall St. as government-backed securities with above-market rates of return so they could keep buying more bad loans.

If this had never happened, there would not have been a financial meltdown. The fact that it DID happen made the collapse inevitable. No regulation of Wall St. could have stopped it. The toxic assets had already been created; it was now just a question of who would be holding the bag when the $#!+ hit the fan.

Now, whether the government should have stepped in and bailed out some -- but not all -- of the losers is a question that will be debated for decades to come. But the indisputable fact remains: government regulation caused it.

madest
Male, 40-49, Eastern US
 6458 Posts
Friday, November 19, 2010 10:56:33 AM
Certainly banks took advantage of Americas dumb people but that doesn't account for the many million dollar mortgages that went into default. I know people like OldOllie and Kilroy who only know what they're told and the people who tell them are racist. FoxNews has a large audience convinced that black people are the cause of our financial problems. ACORN did it! CRA did it! And these (yes simpletons) take the bait as if it were filet mingon served on a silver platter. When the truth is Ivy league educated white people who run Wall St. committed a massive fraud and none of them will do a minute of time.

Damon5150
Male, 18-29, Midwest US
 9 Posts
Friday, November 19, 2010 10:35:18 AM
Madest, even though you are making good points, you should probably educate yourself as well. Maybe take a communication class, or psychology. You MIGHT learn that the way you present your case, and the way you speak to those that you disagree with says far more than your facts. Talking down to others rather than simply stating your side is not the way to get things done. Educate yourself on basic human interaction, you "simpleton". (see what I did there?) And for the record, where AIG and others cause the bulk of the problems, the government programs are not helping the situation by forcing money out. Not saying it is the entire problem because I know better, but that doesn't mean you shouldn't address all aspects of the problem, not just the one you feel is most important. Maybe point out that the American people BOUGHT MORE THAN THEY COULD AFFORD.There are many pieces to the puzzle, don't be so closed minded.

madest
Male, 40-49, Eastern US
 6458 Posts
Friday, November 19, 2010 10:22:40 AM
kilroy555, Another FoxNews economist. Banks didn't create toxic loans. No such thing. AIG made "Toxic assets" (defaulted mortgages) worth more than good mortgages. Eeyeyeye eeeesh what are they selling you at Fox? ACORN did it! Simpletons, the lot of you.
The Community Re-investment Act was born in 1977 so by your calculations they laid low for a quarter of a century so they could ruin the economy in 2003?
Black people didn't ruin the economy no matter how many ways FoxNews tries to convince you otherwise. Get educated, man.

kilroy5555
Male, 30-39, Eastern US
 502 Posts
Friday, November 19, 2010 8:00:21 AM
OldOllie is right. Banks didn't just wake up one day and start creating toxic loans for no reason. The financial crisis began with yet another well-intentioned government program to combat redlining and other practices viewed as discriminatory lending by banks. The explicit goal of the policy was to get banks to lower their lending standards even if it meant making more risky loans in the process. Banks were assigned a score based on the number of bad loans they made, and were punished if enough bad loans were not made. Community activist groups (ACORN amongst others) were empowered to sue banks for not issuing enough risky loans. CDOs were created and used to make money off of poisonous assets, and Wall Street did go too far, but the whole crises is rooted in the government f****** with the market for the "greater good". Bottom line: no CRA, no housing bubble, no financial crisis.


madest
Male, 40-49, Eastern US
 6458 Posts
Friday, November 19, 2010 6:46:14 AM
OldOllie, You talk in circles. First you blame the CRA, then you blame FM&FM and then say it's due to regulations. Fact is FM&FM, the CRA and regulations didn't force AIG to invent "credit default swaps". They insured toxic assets which was the cause of the housing bubble. AIG in essence made bad loans worth more than good loans and the fix for Wall Street was in. Banks jumped on the money making bandwagon and committed fraud on the American populace. The entire worlds economy was F-d by Wall St and their manipulation of the market. Fewer regulations are exactly what these dogs require to steal us blind and you are their patsy because you refuse to educate yourself.

handys003
Male, 50-59, Western US
 2402 Posts
Friday, November 19, 2010 12:12:41 AM
Sanity in Congress!? Now why can't congress just make everyone happy!

jtrebowski
Male, 40-49, Southern US
 3261 Posts
Thursday, November 18, 2010 8:24:56 PM
Crakrjak said: "Now let's get back on the subject of the TSA checkpoint scanners and groping, Please."

Nah...we're good. The ACLU is already looking into it.

OldOllie
Male, 60-69, Midwest US
 14116 Posts
Thursday, November 18, 2010 8:13:23 PM
And if you want a REALLY good book on the subject try The Housing Boom and Bust by Thomas Sowell.

The first review on that page provides a good synposis.

OldOllie
Male, 60-69, Midwest US
 14116 Posts
Thursday, November 18, 2010 8:05:36 PM
OldOllie, You're overlooking Wall St. Banks committed fraud on the American public by handing out NINJA loans (No Income, No Job or Assets).

madest, nobody gets a home loan, NINJA or otherwise, from "Wall Street." Most of those loans came from local banks who were forced to lower their standards by CRA. The banks unloaded those bad loans to Fannie and Freddy who encouraged them to make even more bad loans. Fannie and Freddy bundled those loans and sold them to Wall Street investment bankers with a high rate of return, usually 7% or more, and an implied government guarantee. Wall Street was dubious, so they bought insurance from AIG to cover their asses if the loans went bad. When the loans went bad, AIG didn't have the reserves to pay off the claims.

Maybe should have let them take their lumps, but the fact is, the government made us a giant $#!+ sandwich, and one way or the other, we were going to have to eat it.

murph89
Male, 18-29, Midwest US
 84 Posts
Thursday, November 18, 2010 8:02:05 PM
The video is at 2:37, go here for the actual c-span site.

Volsunga
Male, 18-29, Midwest US
 1548 Posts
Thursday, November 18, 2010 7:54:41 PM
@button_guy
Dead skin can't get cancer. Cancer requires cells to reproduce. Being dead, they can't do that. The radiation is reflected by a layer that is made up of only dead cells. Therefore, it can't cause cancer.

CrakrJak
Male, 40-49, Midwest US
 17035 Posts
Thursday, November 18, 2010 4:59:55 PM
Now let's get back on the subject of the TSA checkpoint scanners and groping, Please.

CrakrJak
Male, 40-49, Midwest US
 17035 Posts
Thursday, November 18, 2010 4:56:37 PM
madest: I didn't say that Fannie and Freddie sold the loans, I meant that they were involved in fraudulent loans. Sorry if that wasn't as exactly precise as to meet your standards.

Fannie and Freddie 'securitized' mortgages in the form of mortgage-backed securities. They bought mortgages from banks and turned them into securities, Backed by the full faith and credit of the US government. On pressure from Pres. Bill Clinton they eased their credit requirements enabling 'subprime' borrowers to get loans (Many of whom couldn't afford them) at higher than usual interest rates.

madest
Male, 40-49, Eastern US
 6458 Posts
Thursday, November 18, 2010 4:35:32 PM
Foxnews and it's reporters have pointed out the fraudulent loans by Fannie Mae, Freddie Mac, and others for several years now

--------------
Clearly you have no clue as to what FM & FM do. They don't make loans, they buy and sell first time mortgages from banks. Come back at me when FoxNews tells you how to respond to that.

jtrebowski
Male, 40-49, Southern US
 3261 Posts
Thursday, November 18, 2010 4:29:28 PM
People seem to forget that it was the right-wing that cracked down in the name of national security. If they really wanted security, they would've hired college educated military and police types to handle it, rather than a bunch of pimply-faced barely-graduated high-school kids, and old ladies who used to be crossing guards. C'mon, people. Get real!

jtrebowski
Male, 40-49, Southern US
 3261 Posts
Thursday, November 18, 2010 4:24:31 PM
No one seems to give a crap how RuPaul thinks nothing of flattening mountaintops, drilling 650 toxic chemicals in the water table to extract nat. gas, thought we were too hard on BP for wanting them to take responsibility for the gulf spill, wants to eliminate the FDA, and generally doesn't give a flying fark about public education, and you people want Americans to take you seriously? Lunatic Cons.

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