[citation][nom]touchdowntexas13[/nom]Well really that was all i was asking for in the first place. I asked for you to present and backup your thoughts, and now you have done it. If you had done it in the first place, then i could have respectfully agreed to disagree and moved on long ago. I really think you have skimmed every single one of my posts though, because according to you, i am the one that thinks Bush did everything right. I have contradicted that in how many posts now? And now your argument is to point out that Bush didn't do everything right, something i already agreed to 4 posts earlier.So yes in agreement with the information, i believe that the Bush administration had its fair share of mistakes. However, in disagreement, you stated that the bush administration did little to prevent the widespread handout of mortgages to people that couldn't afford them. I have already stated my argument in that regard, and i have already presented the information of who is responsible for making it easy for under qualified people to get these mortgages. I guess you are downplaying my sources?Do i think that the Bush administration should have done more to stop this. Yes i do. Could he have? Maybe, but maybe not. The way i read it would be that Democrats and probably some republicans were keeping him from being able to get much legislation passed in that regard. This would seem to make sense seeing as Democratic presidents were the first to implement the CRA in the first place."Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions." -maybe you should read the last part of your quote again. Do you know what a ramification is? It is a consequence. Let me paraphrase."Policy makers and regulators (people that think regulation is good for the economy)...did not adequately appreciate and address the risks building up in financial markets...or take into account the consequences of domestic regulatory actions."If anything, this quote hurts your position, not helps it. It points out that people underestimated the consequences of too much government regulation, which is where i stand. My position is that a free market is the only right way to go. But don't bother arguing with me on that, because we can just find out if you are right or if i am right here in the next few months, depending on whether or not the spending of trillions of dollars helps the economy.Let me get this straight: you are undermining my university because I did research that you thought a 5th grader could do? Research that you yourself couldn't do until now? Even though with the quote you posted I'm not sure you even accomplished that. Come on man, you really are trying hard to consecrate yourself, however immaturely I'm sure this is in response to my jest at your being a law student,and maybe it is deserved. But the point of that whole laugh was to point out that you think being in law school somehow places you higher than everyone and makes you more knowledgeable at exposing people as "clowns". If you didn't catch it, when i linked my being an engineer to giving me the ability to expose you as a clown, that was sarcasm in its simplest form. How? because they have nothing to do with one another, just like you being a law student has nothing to do with calling people on their BS. I called you a clown, simply because you thought that you were somehow empowered to call elbert a clown, and that that empowerment came from your field of study.I did not undermine your major, i am just letting you know there are plenty of blow-offs that represent pre-law and actually never make it to law school. You are obviously not one of them, but if you are trying to display your academic credibility, you might want to tell a little bit more than that. Since we are on the subject of schools, where did you earn your degree hotshot? And just for kicks, do you know how your computer is running right now? It runs off of electricity. And unless you are running a wind-power plant in your backyard or solar panels on the roof, you are getting that electricity from a power plant that runs off of hydrocarbon energy. Who finds and produces these hydrocarbons? Petroleum engineers, which is exactly what i am studying. Who has the #1 Graduate Program (#2 undergraduate) for Petroleum Engineers? That would be The University of Texas. Oh how i grow tired of you. It seems like I put a lot of effort into these posts, while you just let crap drip out of your mind. I'm not even referring to politics anymore; I'm referring to your constant need to place yourself and your thoughts above other people's. At this point, i would be very thankful if a moderator shut down this forum title.[/citation]
my position is simple to put it in lay man's terms i believe that the whole "deregulate everything" that stemmed from the reagan era pretty much set up the stage for this crisis, did dems follow this mind set as well? Yes they did,but which party placed this mind set at the very core of it's belief system? that's what i am saying...i didn't feel the need to point out sources and stuff because i took it for granted that considering where we are right now from an economic stand point you would already know,i mean there is nothing i said in any of my posts that isn't kinda joked about on the leno's show or constantly repeated on cnn all the time i didn't really think i would have to have to quote stuff especially on a tech site,moreover i attacked erbert because i felt his attacks on Obama were uncalled for especially considering the fact that we are coming out of 8 years of republican rule. I mentioned the fact that i am a law student simply to point out to erbert that i was not some newbie with no abilty to debate a topic it did not imply any form of intellectual superiority on my part George Bush went to harvard and yale and he could not pronounce the word nuclear...so yeah school does not necessarily make you a smarter person. furthermore i disagree with you in regards to democrats been the ones who pushed and advocated this deregulatory mind set first or contributed to this crisis through CRA. In fact, legal and financial experts on housing issues dispute Hannity's conclusion. A study released earlier this year by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Moreover, Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, stated in a March 2008 speech that "studies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households" [emphasis added]. And University of Michigan law professor Michael Barr testified before the House Financial Services Committee in February, saying: "More than half of subprime loans were made by independent mortgage companies not subject to comprehensive federal supervision; another 30 percent of such originations were made by affiliates of banks or thrifts, which are not subject to routine examination or supervision, and the remaining 20 percent were made by banks and thrifts." The CRA may be a small part of the problem, but it didn't force the brokers to create this massive upside down pyramid of paper that sits on top of the mortgages. They sliced and diced these mortgages into investment instruments so that they could milk more money out of the system. They have created such a complicated mess that fixing it will be like untangling a barrel of fishhooks. As a matter of fact Banks that provide CRA loans are held to strict lending standards and, in fact, only 12-14% of CRA loans are in foreclosure(according to 2008 records from the US department of housing).
I attacked your credentials because you attacked mine, if you want a regular discussion with no personal attacks then don't put any in yours,plus i did not even start it with you, my beef was with erbert. Plus you don't need to tell me the value of engineering, i studied criminal justice informatics and forensic science all the tools we use come from engineering so i know it's importance all too well.....plus i am on this site all the time and i mess around with computers for a hubby...yeah...
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