Topic: American Legislative Exchange Council model bills published

[Libertas]

Well, first the derivative markets were created by the so-called best & brightest from the Ivy League and Wall Street picked up the ball and ran hard with it.  Last I saw Wall Streeters, while being bad-mouthed by Duh Wun in public, we're allowed in through the WH's back door and are big Obamakov contributors and his cabinet and advisors are thick with them.

Second, the housing crises was a done deal and can trace its roots to CRA.  F/F was the toxic waste dump left for taxpayers to eat and Obama/Dodd/Frank are all for putting people who can't afford homes into them.  It is tragic but natural for lenders to go along with the scheme because a) they were forced by regulation to do so and b) F/F were there to collateralize much of the crap.

A much better option would be to repeal these nefarious regulations and end the F/F schemes that created and still perpetuate this fraud, let lenders determine who to lend to and how much risk to take and get the taxpayers off the financial hook for other peoples mistakes.

The housing market will dip another 20% guaranteed.  More lenders will go under and all the Ruling Class has to offer is more recycled failure.

Unless the perpetrators of this fraud like Obama & Frank are kicked out of office this situation will not change, housing will not recover and collapse is inevitable.

Stop feeding failure!!!

[brad]

Well, first the derivative markets were created by the so-called best & brightest from the Ivy League and Wall Street picked up the ball and ran hard with it.  Last I saw Wall Streeters, while being bad-mouthed by Duh Wun in public, we're allowed in through the WH's back door and are big Obamakov contributors and his cabinet and advisors are thick with them.

Second, the housing crises was a done deal and can trace its roots to CRA.  F/F was the toxic waste dump left for taxpayers to eat and Obama/Dodd/Frank are all for putting people who can't afford homes into them.  It is tragic but natural for lenders to go along with the scheme because a) they were forced by regulation to do so and b) F/F were there to collateralize much of the crap.

A much better option would be to repeal these nefarious regulations and end the F/F schemes that created and still perpetuate this fraud, let lenders determine who to lend to and how much risk to take and get the taxpayers off the financial hook for other peoples mistakes.

The housing market will dip another 20% guaranteed.  More lenders will go under and all the Ruling Class has to offer is more recycled failure.

Unless the perpetrators of this fraud like Obama & Frank are kicked out of office this situation will not change, housing will not recover and collapse is inevitable.

Stop feeding failure!!!

The problem with F/F is that anyone dealing with them assumes/presumes that they are default proof because of their ties with the government.  People defaulting on mortgages didn't cause this crisis and I believe your assessment is a little displaced appropriating blame on bad loans.  The banks lost their ass on derivatives which had much more to do with the crisis in 2008 than anything else.  A few years ago a nice documentary was done regarding the Clinton administration and Alan Greenspan regarding this mess. http://video.pbs.org/video/1302794657

It's also little naive to think that large corporate banks don't support GOP candidates and that electing a republican will make it all better.  Obama has been very business friendly in my opinion.  I am having some trouble understanding your argument that Obama has all of the wall street special interests on speed dial with back door access but is pushing legislation directly geared to hurt them. 

http://www.pbs.org/wgbh/pages/frontline/warning/cron/

[John Florida]

Crony capitalism is the government and business colluding - IOW - government interference, just like onerous regulations, etc.

That is not free market capitalism.

Right. Still, to return back to the concerns of our new friend Brad, the proposal that Dodd/Frank was somehow meant as a way to "fix" the inherent corruption of crony capitalism is ludicrous on its face.

I don't think that fascism was the cause of this, I think that lack of oversight and poor business practices with the correct assumption that Bush wouldn't let them take the hit.

This legislation is designed to oversee the giant derivatives market, increasing transparency by forcing most contracts to be traded through third-parties instead of only between banks and their customers.  How do you propose we do this without regulation?  We all saw what happened in 2008, obviously we can't leave it up to self regulation.  I would be very careful where you get information regarding the 2008 crisis, I've heard repeatedly that it was caused by people not paying on mortgages which is obviously untrue and very disingenuous.

 Who was supposed to be providing that so called oversight?

[AlanS]

The problem with F/F is that anyone dealing with them assumes/presumes that they are default proof because of their ties with the government.  People defaulting on mortgages didn't cause this crisis and I believe your assessment is a little displaced appropriating blame on bad loans.  The banks lost their ass on derivatives which had much more to do with the crisis in 2008 than anything else.

Correct me if I'm wrong, but weren't the bad loans bundled and sold through derivitives?

It's also little naive to think that large corporate banks don't support GOP candidates and that electing a republican will make it all better.  Obama has been very business friendly in my opinion.  I am having some trouble understanding your argument that Obama has all of the wall street special interests on speed dial with back door access but is pushing legislation directly geared to hurt them.

Sorry, but we're NOT disillusioned into think the RINO's are going to save the day. But I do find it amusing how you think Odrama is business friendly. Care to make a point?

[IronDioPriest]

...F/F was the toxic waste dump left for taxpayers to eat and Obama/Dodd/Frank are all for putting people who can't afford homes into them...

We can't forget George W. Bush. Shoehorning urban Blacks who couldn't afford a mortgage into a home mortgage was a big "compassionate conservative" initiative of his as well.

[IronDioPriest]

....The problem with F/F is that anyone dealing with them assumes/presumes that they are default proof because of their ties with the government.  People defaulting on mortgages didn't cause this crisis and I believe your assessment is a little displaced appropriating blame on bad loans.  The banks lost their ass on derivatives which had much more to do with the crisis in 2008 than anything else.

Why do you think the derivatives lost their value? One can question whether such an ethereal financial product as a derivative is a legitimate investment vehicle. But the reality is, they existed, and they were worth something. They were traded on the presumption that they were underpinned with equity AND guaranteed by the federal government through Freddy and Fanny..

Social engineers in and out of politics worked to force lenders to borrow billions to people who could never hope to pay the money back, and who had no track record of large loan repayment. With all that money changing hands, AND the federal government guaranteeing through Freddy & Fanny that the taxpayer was shouldering the risk, investors believed they had a mechanism through which to trade mortgage-backed derivatives that could not fail.

They got greedy, yes. No question about it. But the pieces of the puzzle that allowed those derivatives to become worthless were all put into place by the federal government at the behest of liberals in collusion with Wall Street financiers, and Freddy/Fanny was their sandbox. All it took was for the market to see foreclosures trending upward - which was guaranteed to happen when you loan money to trash en masse - and those derivatives became worthless fast.

You can't pin the blame on people not paying their mortgage. But you certainly cannot discount it as a step in the process. And you MOST certainly cannot place the majority of the blame anywhere but on the federal government, and in particular, Chris Dodd and Barney Frank.

...Obama has been very business friendly in my opinion. ...

Then all I can say is - with as much kindness as I can muster for a newbie - you're out of your f**king mind.

[Pandora]

... forcing most contracts to be traded through third-parties instead of only between banks and their customers.

Oh puleeze!  The deal is between the bank and a customer.  What is this third-party supposed to do, protect us from them?  Ourselves?  Almost every real estate deal now has a lawyer involved to inform his client and it is supposed we need another bureaucratic agency to interpose itself between us and the ones with whom we want to deal?

If you're feeling too ignorant, ill-equipped or poor to act like an adult, by doing your homework and hiring a lawyer in preparation for taking on a mortgage, RENT.

This is the same sh*t pushed by Obamacare and I dare anyone to tell me this is going to work out well for anybody but the bureaucrats.

[John Florida]

... forcing most contracts to be traded through third-parties instead of only between banks and their customers.

Oh puleeze!  The deal is between the bank and a customer.  What is this third-party supposed to do, protect us from them?  Ourselves?  Almost every real estate deal now has a lawyer involved to inform his client and it is supposed we need another bureaucratic agency to interpose itself between us and the ones with whom we want to deal?

If you're feeling too ignorant, ill-equipped or poor to act like an adult, by doing your homework and hiring a lawyer in preparation for taking on a mortgage, RENT.

This is the same sh*t pushed by Obamacare and I dare anyone to tell me this is going to work out well for anybody but the bureaucrats.

 Third party just gets a pice of the pie the buyer brought.

[ToddF]

Financial Supporters
The Center for Media and Democracy (CMD) is a non-profit 501(c)(3) organization.

....

Open Society Institute

....

Just sayin'

[ToddF]

I'm not blindly FOR anything, except the right of like minded people to assemble...something the Communist trash behind the Nation and George Soros don't think.

[IronDioPriest]

Financial Supporters
The Center for Media and Democracy (CMD) is a non-profit 501(c)(3) organization.

....

Open Society Institute

....

Just sayin'

Yes. So what you're saying is, in essence, our new friend Brad is gathering and reposting his information from entities affiliated with George Soros.

[ToddF]

Just saying that for whatever reason, this organization found themselves in the crosshairs of the entire leftist/Marxist trash cabal, for no other reason than promoting conservative/libertarian positions, and being a gathering place for like minded such.

http://en.wikipedia.org/wiki/American_Legislative_Exchange_Council

In the United States of America, despite the best efforts of leftist garbage, doing what leftist garbage has done throughout time, Conservatives/Libertarians still have the right of assembly, and I have no tolerance for those who think otherwise.