DC Tom Posted September 14, 2012 Posted September 14, 2012 Well Tom, I've been involved and very close to the industry. The housing bubble was created by loose money lending policy. Would you agree that under previous standards the bubble would never have gained the traction that it did? Would you also agree that without these lowered standards that the practices that compounded the crises would never have happened? Well, 3rd, so have I. Would you agree that many mortgages were written to loose standards outside of the CRA?
3rdnlng Posted September 14, 2012 Posted September 14, 2012 Well, 3rd, so have I. Would you agree that many mortgages were written to loose standards outside of the CRA? Absolutely. They came after the CRA, no?
DC Tom Posted September 14, 2012 Posted September 14, 2012 Absolutely. They came after the CRA, no? Yes.
CosmicBills Posted September 14, 2012 Posted September 14, 2012 How much of this economic volatility is due to the coming apocalypse on 12.21.12? I'm betting a lot. /doomed
3rdnlng Posted September 14, 2012 Posted September 14, 2012 Yes. All I've been trying to say is that the CRA got the ball rolling. There's plenty of culprits that surfaced afterwards, but without starting the ball rolling, it doesn't well...............................roll.
GG Posted September 14, 2012 Posted September 14, 2012 Well, 3rd, so have I. Would you agree that significantly many mortgages were written to loose standards outside of the CRA? Fixed. CRA did bubkus to relax lending standards on mortgages. Far bigger culprits were the inventions of countless no-doc loans, ARMs, negative-am, etc that had nothing to do with CRA. The lending machine could support all that crappy underwriting because there were always buyers of the securitized mortgages, because they got credit on regulatory capital by holding those securitizations. CRA had nothing to do with the machine that got built up.
meazza Posted September 14, 2012 Posted September 14, 2012 How much of this economic volatility is due to the coming apocalypse on 12.21.12? I'm betting a lot. /doomed Obviously. I already started blowing my life savings on hookers and blow in anticipation of the return of the messiah.
3rdnlng Posted September 14, 2012 Posted September 14, 2012 How much of this economic volatility is due to the coming apocalypse on 12.21.12? I'm betting a lot. /doomed Who cares? I've got life by the balls. My annuity runs out on 12/22/2012 (just in case they were off by a day).
CosmicBills Posted September 14, 2012 Posted September 14, 2012 Obviously. I already started blowing my life savings on hookers and blow in anticipation of the return of the messiah. Thank goodness I'm not the only one. Who cares? I've got life by the balls. My annuity runs out on 12/22/2012 (just in case they were off by a day). That's brilliant.
meazza Posted September 14, 2012 Posted September 14, 2012 Thank goodness I'm not the only one. I can't wait for December 21st just to see the madness. I have a friend who is a firm believer and I'm quite certain it will be interesting to hear what he has to say this Christmas
erynthered Posted September 14, 2012 Posted September 14, 2012 Speaking of money. US credit rating was cut, again. Though, Ive never heard of Egan-Jones company. http://www.cnbc.com/id/49037337 Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.
meazza Posted September 14, 2012 Posted September 14, 2012 Speaking of money. US credit rating was cut, again. Though, Ive never heard of Egan-Jones company. http://www.cnbc.com/id/49037337 Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality. Can't wait for the backlash from the MSM.
IDBillzFan Posted September 14, 2012 Posted September 14, 2012 Bush's fault again!! Nice try, but this is just another example of the Tea Party holding this country hostage.
Doc Posted September 25, 2012 Posted September 25, 2012 A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank's effort to boost economic growth would work.Charles Plosser, president of the Fed's Philadelphia branch, told an audience Tuesday that the Fed's effort to support the economy would likely fall short of its goals. And if the Fed looks ineffective, it could undermine future Fed action.
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