Hey libs, "What say you?"

TinCan's picture

A video from days gone by.

Verrry Interesting

Sorry I had the link whacked up. Works now.

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Submitted by bowser on Thu, 11/13/2008 - 7:25pm.

First off, if the point is that beneath Maxine Waters' wig lies an empty skull, you won't get any argument from me.

Second, if the point is that political pressure to over-expand creative lending -- which is basically a good idea, but only if done judiciously and to a point -- helped create the runaway train on which we are all now trapped, I agree.

Third, if the point is that Barney Frank and some of his cronies were in willful denial about where all this might be heading, fine. But so were a lot of people, including the free marketeers who crowed about an "ownership society" of ever-rising homeownership rates and home values and who viewed the rise of hothouse mortgage brokers and builder-financing as further evidence the easy-money Bush economy was "fundamentally sound."

Finally, it'd be interesting to also have a video record of some other meetings.

Such as, the board meeting at which the savvy capitalists who run AIG decided to bet the farm on credit default swaps.

Or the one where the sage bankers at Wachovia decided, at precisely the wrong moment, to blow $25 billion to buy a California outfit that specialized in ARM lending.

Or the meeting of Bush admin SEC bureaucrats where they decided we don't need no stinkin' capitalization requirements for our "self-policing" financial giants.

I don't believe either Maxine or Barney were at any of those meetings.

Robert W. Morgan's picture
Submitted by Robert W. Morgan on Fri, 11/14/2008 - 6:31am.

The housing/mortgage crisis was certainly enabled by the brainless Dems you mentioned and also the lenders, insurers and government (yes, Bush's, but others as well - back to Carter). But what about these meetings?
-The one where the developer forces the small builder to buy more lots than he could possibly use for 3 years (now 10 years with the downturn).
- The meeting where the builder decides to build extremely expensive homes with lots of bling because he is targeting a market that will overspend simply for image and first impression.
- Then of course the meeting where the mortgage broker encourages the buyers to overspend so he can collect big fees - soe of which he passes back to the buyer under the table.
- Wachovia decides to play hardball with the builders who have construction loans so that instead of an organized workout they take back tons of houses and dump them on the market and cause massive devaluation.
- Finally the meeting where Wells Fargo marches in and takes over Wachovia and eliminates jobs and bonuses for the morons who made the whole thing worse.

Yep, lots of interesting meetings and bad decisions. No one person did this - everyone did. A hopeless combination of greed and stupidity.

Notice how no one has spoken the word ACORN since the election. Or mentioned the Community Reinvestment Act? Obama has censored the compliant press.

carbonunit52's picture
Submitted by carbonunit52 on Thu, 11/13/2008 - 7:45pm.

I think it was the SEC meeting where the decision was made that we don't need no stinkeen capitalization requirements for our "self-policing" financial giants that really enabled the explosive ingredients to be mixed together, eventually blowing the wheels off of the wagon.

Now that we are in this financial shape, learning from the mistakes is what is necessary, and not entertaining denial as any sort of solution, rather recognizing it as a major hindrance.

"I can't wait until tomorrow, because I get more lovable every day."

Cyclist's picture
Submitted by Cyclist on Thu, 11/13/2008 - 8:34pm.

and how much has our 401K's declined in value because of this learning curve? Also, during all these discussions who was looking out for us?

Caution - The Surgeon General has determined that constant blogging is an addiction that can cause a sedentary life style.

diva's picture
Submitted by diva on Wed, 11/12/2008 - 5:40pm.

Hmmmm. Days of hearings condensed down to 8 minutes; hearings which took place in 2004 when republicans chaired every committee, had the majority in the senate, house, and had the presidency. This begs the question: Why didn't republicans use their majority, sponsor a regulatory bill, and pass it like they did so many other bills in 2004? That's how the president's budget was passed year by year. Why didn't that happen with Fannie and Freddie? Oh, and what do you think is in the hours, and hours, and hours of footage that isn't in this clip?

TinCan's picture
Submitted by TinCan on Wed, 11/12/2008 - 11:56pm.

But since you asked I'll venture a guess that it must have been much more of the same. No way that's all Barney Frank had to say. Now seriously, do you know what else transpired in those hearings, or whatever they were? Furthermore, I think the Dems had a mindset for keying and knew where the Repubs had parked their cars.

diva's picture
Submitted by diva on Thu, 11/13/2008 - 11:18pm.

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