Tuesday
Nov062012
Obama's Lies Caught On Tape: "I Will Pay Down Our Debt"
Busted.
"I'll use the money we’re no longer spending on war to pay down our debt."
Obama's own budget proposal on the White House website explicitly adds at least $900 billion each year to the national debt for the next decade, for a total of $9.6 trillion, $4.3 trillion of which is expected before the end of the next presidential term.
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Full length video:
Nov 6, 2012 at 6:20 PM
Reader Comments (9)
http://www.tampabay.com/news/politics/legislature/democrat-firebrand-alan-grayson-returning-to-congress/1260357
Don't be fooled by the "liberal" label. Anyone who slaughters members of the banking cartel like Alan Grayson did between 2009-11 is a man of the people. We look forward to two more years of public banksterectomies like this one on the Bail...
http://www.youtube.com/watch?v=PXlxBeAvsB8
Obama's best friend at Goldman Sachs
http://finance.fortune.cnn.com/2012/11/06/jan-hatzius-goldman/?iid=HP_LN
Has Obama Been Good for Millionaires?
http://www.cnbc.com//id/49696601
Why Won’t President Obama Stand Up for Social Security?
http://finance.yahoo.com/blogs/the-exchange/why-won-t-president-obama-stand-social-security-231018965.html
http://www.forbes.com/sites/davidmarotta/2012/11/05/the-election-should-be-settled-by-a-single-question-who-caused-the-financial-crisis/
On another article I posted this article and the liberal's among you boo hoo'd it well guess what you will end up paying mark my words FHA is already looking for a bail out and the democrat's are and have been the bankers party so you will end up picking up the tab again for the banks and irresponsible people who bought more then they could afford. Who will suffer taxpayers, pension funds, 401'ks and granny! Bailing out the banks is wrong but so is bailing out people who willingly signed contracts for houses they couldn't afford. Two wrongs do NOT make a right.
FHA Said to Set Stage for Treasury Draw as Losses Mount
http://www.bloomberg.com/news/2012-11-05/fha-said-to-set-stage-for-treasury-draw-as-losses-mount.html
Odds Go Up for Mortgage Mods Post Election
http://www.zerohedge.com/contributed/2012-11-07/odds-go-mortgage-mods-post-election
Bill Black: Wall Street Urges Obama to Commit the Great Betrayal
Read more at http://www.nakedcapitalism.com/#vHQskoAIFfzSpfFg.99
Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks
Read more at http://www.nakedcapitalism.com/2011/07/third-way-document-proves-democratic-party-supports-institutionalized-looting-by-banks.html#gAVrH7XLcAJL6PxW.99
You obviously didn't read what we wrote very closely. And the Liberals line is complete bullshit. No one is saying we are proud of Fannie & Freddie or that they did the right thing by encouraging home ownership among people who couldn't afford it.
What we are saying is that WALL STREET banks also FUCKED up. Blaming the crisis on the CRA shows you haven't really studied the issue very closely and you're just parroting Wall Street.
For the 100th time, the CRA was a bad thing. But it DID NOT CAUSE THE CRISIS. It's like you've forgotten all about the MASSIVE fraud that you post links about everyday.
You need to stop falling for bullshit from Wall Street. Use your brain and examine the following facts. Read this closely.
Here's the link and a short excerpt. Read it. If you still think you can win the argument, Barry Ritholtz will give you $100,000.00.
That's not a joke.
http://dailybail.com/home/bernankes-last-supper-and-the-return-of-larry-summers.html#comment19196700
Let’s clarify the causes of current circumstances. Ask yourself the following questions about the impact of the Community Reinvestment Act and/or the role of Fannie & Freddie:
• Did the 1977 legislation, or any other legislation since, require banks to not verify income or payment history of mortgage applicants?
• 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision; another 30% were made by banks or thrifts which are not subject to routine supervision or examinations. How was this caused by either CRA or GSEs ?
• What about “No Money Down” Mortgages (0% down payments) ? Were they required by the CRA? Fannie? Freddie?
• Explain the shift in Loan to value from 80% to 120%: What was it in the Act that changed this traditional lending requirement?
• Did any Federal legislation require real estate agents and mortgage writers to use the same corrupt appraisers again and again? How did they manage to always come in at exactly the purchase price, no matter what?
• Did the CRA require banks to develop automated underwriting (AU) systems that emphasized speed rather than accuracy in order to process the greatest number of mortgage apps as quickly as possible?
• How exactly did legislation force Moody’s, S&Ps and Fitch to rate junk paper as Triple AAA?
• What about piggy back loans? Were banks required by Congress to lend the first mortgage and do a HELOC for the down payment — at the same time?
• Internal bank memos showed employees how to cheat the system to get poor mortgages prospects approved that shouldn’t have been: Titled How to Get an “Iffy” loan approved at JPM Chase. (Was circulating that memo also a FNM/FRE/CRA requirement?)
• Did the GSEs require banks to not check credit scores? Assets? Income?
• What was it about the CRA or GSEs that mandated fund managers load up on an investment product that was hard to value, thinly traded, and poorly understood.
• What was it in the Act that forced banks to make “interest only” loans? Were “Neg Am loans” also part of the legislative requirements also?
“It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis. Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, the independent mortgage companies, were never subject to CRA — or any federal regulator. Law didn’t make them lend. The profit motive did.”