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Customers who lost savings note he slams housing crisis
Wednesday, October 29, 2008
John W. Courtney's world collapsed at dinnertime on a Friday in July 2001. That's when he learned from a television newscast that much of the $200,000 that he had saved from his construction job over a 30-year period was lost when his Chicago-area bank was shut down after pursuing a failed strategy of subprime loans.
Seven years later, the Vietnam War veteran has yet to recoup $85,000 of his uninsured losses from Superior Bank's failure. And he watches in disbelief as one of the bank's former top officials, billionaire hotel heiress Penny Pritzker, leads the record-breaking fundraising machine of Democratic presidential candidate Sen. Barack Obama.
Mr. Courtney, now 63, wonders aloud how Mr. Obama could rail on the campaign trail against the national financial crisis started by subprime lending while allowing a former advocate of the practice to hold the senior position of finance chairwoman in his campaign. The candidate has even lauded Ms. Pritzker's business practices as a model for an Obama administration. (!!!)
__________________
"All that is required for evil to triumph is for good to do nothing."
Last edited by Fogbuster; 10-29-2008 at 08:54 AM..
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Customers who lost savings note he slams housing crisis
Wednesday, October 29, 2008
John W. Courtney's world collapsed at dinnertime on a Friday in July 2001. That's when he learned from a television newscast that much of the $200,000 that he had saved from his construction job over a 30-year period was lost when his Chicago-area bank was shut down after pursuing a failed strategy of subprime loans.
Seven years later, the Vietnam War veteran has yet to recoup $85,000 of his uninsured losses from Superior Bank's failure. And he watches in disbelief as one of the bank's former top officials, billionaire hotel heiress Penny Pritzker, leads the record-breaking fundraising machine of Democratic presidential candidate Sen. Barack Obama.
Mr. Courtney, now 63, wonders aloud how Mr. Obama could rail on the campaign trail against the national financial crisis started by subprime lending while allowing a former advocate of the practice to hold the senior position of finance chairwoman in his campaign. The candidate has even lauded Ms. Pritzker's business practices as a model for an Obama administration. (!!!)
Oh, so now everybody can't find their keyboard when it is revealed that Obama gobbles up all the support he can from the very people he says caused all the mess on Wall Street!!!! Would be hilarious if it were not so deceitful and duplicitous of Obama to take support from those he loves to rail on about every day.
This has to be said again, it's so unbelievable:
"Mr. Courtney, now 63, wonders aloud how Mr. Obama could rail on the campaign trail against the national financial crisis started by subprime lending while allowing a former advocate of the practice to hold the senior position of finance chairwoman in his campaign. The candidate has even lauded Ms. Pritzker's business practices as a model for an Obama administration."
And McCain has 71 Lobbyists on his staff.. I guess the operative question becomes SO????? Another Washington Times Post..
Also it is not kosher to pimp your thread by repeating the same thing over and over.. anyone in America knows how faulty your argument about Frank et al being completely responsible for this financial crisis.. suggest you do some reading on Derivatives.. as that is getting more play lately as big cause.
Also suggest you spend some time reading some WSJ articles explaining what happened.. it is not completely the subprime market.. there was a whole bunch of predatory lending going on.. and then the money trail got real messy.. the loans were bundled and sold and resold.. all along the way a whole bunch of people got filthy rich..
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
And McCain has 71 Lobbyists on his staff.. I guess the operative question becomes SO????? Another Washington Times Post..
Also it is not kosher to pimp your thread by repeating the same thing over and over.. anyone in America knows how faulty your argument about Frank et al being completely responsible for this financial crisis.. suggest you do some reading on Derivatives.. as that is getting more play lately as big cause.
Also suggest you spend some time reading some WSJ articles explaining what happened.. it is not completely the subprime market.. there was a whole bunch of predatory lending going on.. and then the money trail got real messy.. the loans were bundled and sold and resold.. all along the way a whole bunch of people got filthy rich..
More smoke and mirrors. The cause of this financial debacle is the collapse of the housing market. The housing market collapsed because of faulty legislation that FORCED banks into giving mortgages to people who could not pay them back; they lowered the standards so low that it was an absolute prescription for disaster. And now that disaster has come due. That's it. No amount of Bill Clintonizing parsing of the language is ever going to change it.
And to rub our noses into it even MORE, Obama has hired one of the chief architects of this disaster as his "economic advisor". Not only even a bigger disaster than already, but ABSOLUTELY hypocritical of Obama to even consider such a person when all he does is rail on about these people. Orwellian.
End of story.
//
__________________
"All that is required for evil to triumph is for good to do nothing."
Last edited by Fogbuster; 10-29-2008 at 12:39 PM..
More smoke and mirrors. The cause of this financial debacle is the collapse of the housing market. The housing market collapsed because of faulty legislation that FORCED banks into giving mortgages to people who could not pay them back; they lowered the standards so low that it was an absolute prescription for disaster. And now that disaster has come due. That's it. No amount of Bill Clintonizing parsing of the language is ever going to change it.
And to rub our noses into it even MORE, Obama has hired one of the chief architects of this disaster as his "economic advisor". Not only even a bigger disaster than already, but ABSOLUTELY hypocritical of Obama to even consider such a person when all he does is rail on about these people. Orwellian.
End of story.
//
So you are not going to take up my suggestion to find out more about derivatives and the greed of wall street.. you might want to do some research, but be careful will take you out of your comfort zone..
Still not kosher to pimp your own thread.. let it stand on its own merits..
All three decisions seemed to come together in his later support for unregulated derivatives, or what the more earthbound Warren Buffett called "financial weapons of mass destruction." Once derivatives got a green light, it took a mere eight years for the edifice of regulation-by-self-interest to blow itself up.
In a moment for history, Greenspan last week sat in the congressional hot seat as Rep. Henry Waxman, Democrat of California, unloaded on him and his ideology. Greenspan owned up to the flaw in his philosophy.
"Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief," he told the House Committee on Oversight and Government Reform.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
And to rub our noses into it even MORE, Obama has hired one of the chief architects of this disaster as his "economic advisor". Not only even a bigger disaster than already, but ABSOLUTELY hypocritical of Obama to even consider such a person when all he does is rail on about these people. Orwellian.
He is changing this country all right. Yup, the same guy who destroyed people's houses becomes a 'economic advisor'.
He's going to destroy this country NEXT. Are you glad when obama surrounds with the best and brightest people? Real change is coming and we are thrown under his BUS.
He is changing this country all right. Yup, the same guy who destroyed people's houses becomes a 'economic advisor'.
He's going to destroy this country NEXT. Are you glad when obama surrounds with the best and brightest people? Real change is coming and we are thrown under his BUS.
Here is a suggestion, spend some reading stuff from both sides.. to talk this way shows that you have not even come close to understanding this very complex problem.. every day more is learned and how many issues and players are involved. To blame a person, political party or group of people seriously begs the issue.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
Here is a suggestion, spend some reading stuff from both sides.. to talk this way shows that you have not even come close to understanding this very complex problem.. every day more is learned and how many issues and players are involved. To blame a person, political party or group of people seriously begs the issue.
Whenever you respond to my post, you always use a lot of 'complex' words in your sentences.
I have to agree with you about the complexity of Obama. Perhaps, voting for him will make me understand the issue better?
More smoke and mirrors. The cause of this financial debacle is the collapse of the housing market. The housing market collapsed because of faulty legislation that FORCED banks into giving mortgages to people who could not pay them back; they lowered the standards so low that it was an absolute prescription for disaster. And now that disaster has come due. That's it. No amount of Bill Clintonizing parsing of the language is ever going to change it.
And to rub our noses into it even MORE, Obama has hired one of the chief architects of this disaster as his "economic advisor". Not only even a bigger disaster than already, but ABSOLUTELY hypocritical of Obama to even consider such a person when all he does is rail on about these people. Orwellian.
End of story.
//
if it's the "end of story," then please do shutup and go away...
i find it interesting that you waited an entire 3 hours before your second post, pretending that "everyone" went silent regarding your latest partisaned hackfest..... my gawd, are you ever self-important... people have jobs and responsibilities during prime business hours... try waiting a bit more than 3 hours before running your mouth.... we thought your "time was valuable," yet it appears you have absolutely nothing to do out there in Vilnius. Nothing.
Meanwhile, you candidate lost more ground just today... Ooops... The "Us vs. Them" campaign is failing you miserably.
Last edited by PressCoverage; 10-29-2008 at 05:45 PM..
Whenever you respond to my post, you always use a lot of 'complex' words in your sentences.
I have to agree with you about the complexity of Obama. Perhaps, voting for him will make me understand the issue better?
Let me dumb it down for you, as complex is too far reaching for your repertoire.
1. This thread is once again about the tired story of how CRA's are responsible for the economic problems.. this is a veiled homophobic rant of this author.. whose opinions are very well known on this subject. It is also a tired response about how blacks are responsible for this mess.. they got the CRA money, in reality many got the CRA money and most paid back.
2. The current economic situation is a convergence of many factors.. deregulation, greed of wall street and many things most of us have never heard about including terms like derivatives, which for most of us are absurd.
Hopefully this is simple enough for you, if you need further clarification of anything let me know.. being a sheeple in this information age is a less than intelligent way of proceeding.. remember there are no easy answers to any of these issues.. if you find one be careful, as that is usually the wrong one.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
Ex-subprime bank executive finances Obama
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