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Top 12 reasons for the Meltdown

Discussion in 'Political Discussion' started by Holy Diver, Mar 12, 2009.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    according to The Wall Street Watch Project here is a list of the top reasons for the financial clusterfuk....

    http://wallstreetwatch.org/reports/executive_summary.pdf

    1. Repeal of the Glass-Steagall Act and the Rise of the Culture of Recklessness

    2. Hiding Liabilities: Off-Balance Sheet Accounting

    3. The Executive Branch Rejects Financial Derivative Regulation

    4. Congress Blocks Financial Derivative Regulation

    5. The SEC’s Voluntary Regulation Regime for Investment Banks

    6. Bank Self-Regulation Goes Global: Preparing to Repeat the Meltdown?

    7. Failure to Prevent Predatory Lending

    8. Federal Preemption of State Consumer Protection Laws

    9. Escaping Accountability: Assignee Liability

    10. Fannie and Freddie Enter the Subprime Market

    11. Merger Mania

    12. Rampant Conflicts of Interest: Credit Ratings Firms’ Failure







    "Hey goat, I had a beard like that in the movie The Perfect Storm"
    -Mark Walberg talks to animals - SNL
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Here is a good 11 minute video that helps us economics challenged folks.. easy to understand, and keeps it simple.

    Wait it does not blame Barney Frank...

    The Crisis of Credit Visualized
    Last edited: Mar 12, 2009
  3. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    DS,

    thanks for the video...

    I'm not all hip to the economics as well, and welcome any and all information on this. I'm also not so dumb as to blame Barney Frank, or George Bush. This mess is HUGE and there is a lot of blame to go around. We really need to follow the timeline, and the money to figure out what went wrong, and make sure it never happens again.
  4. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    13. Liberals

    14. Reaganites

    15. F.D.R.'s New Deal

    16. The Apollo 13 accident

    17. Happy Days Hawaii Vacation episode

    18. The Tet Offensive

    19. The death of Bon Scott

    20. Inter-League play
  5. atomdomb

    atomdomb Rookie

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    21. Cheeseburgers.

    22. Poor people

    23. Chyna. The wrestler not the Communist state.

    24. Greed

    25. Community Organizers

    26. The Rusty Trombone and the Cincinatte Bowtie

    27. Hamburgers

    28. Madden 2010
  6. ljuneau

    ljuneau Rookie

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    29. Too much American debt

    30. Not enough American spending

    31. Too much American savings

    32. Not enough American savings

    33. Bad American Idol singers
    Last edited: Mar 12, 2009
  7. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Outside of Bill O'Reilly who would dare attack Barney Frank, He's a Homosexual Democrat, can you imagine Mush Mouth Matthews saying anything negative about Barney.
  8. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Last edited: Mar 12, 2009
  9. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    22. Harry Boy
  10. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    23. George Bush
    24. George Bush
    25. George Bush
    26. George Bush
    27. George Bush
    ...George Bush
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    ...George Bush
    ...George Bush
    ...Ronald Reagan
    ...George Bush
    ...George Bush
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    ...George Bush
    ...George Bush
    ...George Bush
    ...George Bush
    ...George Bush
    ...George Bush
    ...George Bush
    ...George Bush
    98. George Bush
    99. George Bush
    100. George Bush
  11. atomdomb

    atomdomb Rookie

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    How about this for a muthableepin reason?

    Just let the truth was over you like a warm bucket of turd...

    Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

    Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

    In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

    Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

    In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups. The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.



    I found this on another message board. Wow. Good job by the NY Times for once. 1999 was probably their last good year.
  12. atomdomb

    atomdomb Rookie

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    acorn and la raza
  13. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    No blame for the banks and Investors?
  14. godef

    godef Rookie

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    Nah. They're self-entitled.

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