wf3h wrote:
On Sep 23, 8:31 pm, Wilson Woods wrote:
wf3h wrote:
On Sep 23, 1:37 pm, Wilson Woods wrote:
wf3h wrote:
says the guy who cuts and pastes because he can't read or understand
an argument that rush hasn't dissected for him
1 you clip out what i said
It's almost entirely bull****. I leave in just the bull**** I want to
identify as bull**** and refute.
as i said,
You said bull**** - again.

glad to see

You spouted bull****. No one is glad to see it.


you guys trashed the economy.
No. First, I wasn't in government. Second, I didn't vote for Bush.
Third, Bush didn't trash the economy.\\
i know you think obama did.
No, I don't think that, either. The economy has not been "trashed". It
is in a major recession caused by bad federal policy, mainly around
mortgage lending.

uh...no. mortgage lending had little to do with it. colllateralized
debt obligantions, which ballooned from $920B to SIXTY TWO TRILLION
dollars under free market fundamentalism was responsible

Your figures are meaningless without some time frame to them.

A huge part of those collateralized debt obligations were *mortgages*,
you stupid ****.


CRA under Carter, and the destruction of mortgage
lending standards begun under Clinton and continued by Bush, are what
put us into a recession.

hey genius...the largest mortgage lender to go bankrupt was
countrywide. and it wasn't covered under the CRA.

You are *COMPLETELY* full of ****. There were myriad ways that
Countrywide was "covered" under CRA

http://www.businessinsider.com/three...andards-2009-6
http://mises.org/story/2963
http://www.hispanicbusiness.com/news...ew_head_of.htm
http://article.nationalreview.com/?q...QyYmUwMTg3NzQ=

"WaMu bank, which is now defunct, once boasted of having made $375
billion in CRA loans; the Fed gave Countrywide Bank an award after it
made $600 billion in such loans. It, too, was bankrupted by the loans."
http://www.lewrockwell.com/dilorenzo/dilorenzo177.html

CRA was just the beginning of a politicized loosening of lending
standards. A mortgage lender didn't have to be "covered" by CRA in
order to be affected by it. Once Clinton's reinforcement of CRA and his
administration's intense pressure on Freddie Mac and Fannie Mae to
reduce their underwriting standards for the loans they would guarantee,
the flood was on.

CRA didn't do it all by itself, but it was the *first* step in a 30 year
deterioration of lending standards that goddamned ****ing "liberals"
demanded.


Boy, you sure do get a lot of things wrong.-

really?

Yes.


then how is it that you didn't even know that your whole
argument about the CRA was wrong?

It isn't wrong.