tag:blogger.com,1999:blog-8193628934721963907.post7975549343906321239..comments2024-03-28T10:08:06.291-05:00Comments on Give2Attain: Colin Powell is a RINO?Johnhttp://www.blogger.com/profile/14991027705809503541noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-8193628934721963907.post-27829263982026410242015-10-08T18:32:37.854-05:002015-10-08T18:32:37.854-05:00Another explanation<a href="http://econlog.econlib.org/archives/2015/09/how_the_subprim.html" rel="nofollow">Another explanation</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-16395352204605515232015-10-08T11:57:35.771-05:002015-10-08T11:57:35.771-05:00"Here is a different view. Even if likely bia..."Here is a different view. Even if likely biased.'<br /><br />It appears to be. Wallison and Pinto essentially stand alone on that point. Numerous analyses have shown that Fannie and Freddie were small players in the subprime market at the time of the crash (originating less than 20% and insuring about one-quarter of them).Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-22068331275827393542015-10-08T11:47:41.864-05:002015-10-08T11:47:41.864-05:00It would be interesting to know how many bankers a...It would be interesting to know how many bankers and investors were fired and their careers ruined over the mess.<br /><br /><a href="http://www.washingtontimes.com/news/2015/feb/9/richard-rahn-peter-wallison-blames-great-recession/#!" rel="nofollow">Here is a different view</a>. Even if likely biased.<br /><br />I don't disagree that many citizens learned a very hard lesson through the recession. The question is did they change their behaviors? <a href="http://give2attain.blogspot.com/2010/06/recession-bad-thing-revisited.html" rel="nofollow">G2A Recession Oldies</a> <br /><br />I know they have been doing well for me. I hope they continue.<br /><a href="https://finance.yahoo.com/echarts?s=VFAIX+Interactive#%7B" rel="nofollow">VFAIX Chart</a><br /><a href="https://finance.yahoo.com/echarts?s=BAC+Interactive#%7B" rel="nofollow">BAC Chart</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-49078068144166453032015-10-08T10:59:11.906-05:002015-10-08T10:59:11.906-05:00Yep, the banks have had a rough go of it.Yep, the banks have had a <a href="http://www.reuters.com/article/2015/10/07/us-usa-banks-marketmaking-idUSKCN0S11KS20151007" rel="nofollow">rough go of it</a>.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-72536774146336953812015-10-08T08:53:58.123-05:002015-10-08T08:53:58.123-05:00"Should we fine the Government and those who ..."Should we fine the Government and those who walked away from their freely accepted debt?"<br /><br />Those who walked away from their houses take their penalty in the form of destroyed credit -- which makes it hard to even rent a property, much less get another mortgage. Job hunters often have their credit checked by their employer.<br /><br />How exactly would you fine the government? Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-90768061748672979592015-10-07T21:37:46.877-05:002015-10-07T21:37:46.877-05:00So if I am correct that the following contributed ...So if I am correct that the following contributed to the problem:<br />50% Banks and Investors<br />20% Poor Government Oversight<br />30% Irresponsible or Fraudulent Home Owners<br /><br />Should we fine the Government and those who walked away from their freely accepted debt?Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-21695046205757134062015-10-07T15:37:26.407-05:002015-10-07T15:37:26.407-05:00Normal in such analyses is a comparison to histori...Normal in such analyses is a comparison to historical trends. You can quibble over the specific numbers, but the large point stands. $100B is not a large number in comparison to what happened in this economy as a result of the financial crisis.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-40650784032109300162015-10-07T12:43:30.606-05:002015-10-07T12:43:30.606-05:00How would anyone know? It was a housing bubble th...How would anyone know? It was a housing bubble that popped. How would one determine "normal"?Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-73246831101681793372015-10-07T12:35:24.626-05:002015-10-07T12:35:24.626-05:00The $100B in fines referenced in your link represe...The $100B in fines referenced in your link represent less than 4% of those companies' revenues from 2008-2014. They also pale in comparison to the damage done to the economy by these shenanigans. The damage to the residential housing market alone is estimated to be around $700B, and the economy as a whole lost in excess of $5T in economic activity in the Great Recession. So, yes, $100B is a large number, but in context, maybe not so much.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-28640752476899800362015-10-07T11:40:09.829-05:002015-10-07T11:40:09.829-05:00Fines<a href="http://www.bizjournals.com/atlanta/news/2014/07/11/yahoo-top-banks-have-paid-100b-in-fines.html" rel="nofollow">Fines</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-56036037088238014142015-10-07T11:31:32.179-05:002015-10-07T11:31:32.179-05:00Wiki SOX<a href="https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act" rel="nofollow">Wiki SOX</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-53076347829795710032015-10-07T11:29:01.043-05:002015-10-07T11:29:01.043-05:00I am happy punishing law breakers whoever they are...I am happy punishing law breakers whoever they are, but in this situation Obama, Holder, etc apparently did not see that any laws were broken by an individual. Otherwise I assume someone would have gone to jail, just like people did before SOX.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-2436757095496339602015-10-07T11:03:10.381-05:002015-10-07T11:03:10.381-05:00"Adult citizens need to take responsibility f..."Adult citizens need to take responsibility for their choices and actions."<br /><br />This ought to include corporate executives, not just poor people trying to make a better life for themselves. You only seem to want to punish poor people for their bad decisions, though.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-3762752174390377752015-10-07T11:01:39.755-05:002015-10-07T11:01:39.755-05:00"Sarbanes Oxley is still cost firms and Ameri..."Sarbanes Oxley is still cost firms and America a large amount just because Enron was playing games..."<br /><br />SOX didn't pass until after the WorldCom scandal, which happened a year after Enron. And of course, there was Cendant and Waste Management and Tyco and Qwest and Adelphia and Global Crossing (just to name a few) that all occurred from 1997 to 2002.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-19145072954844866562015-10-07T10:51:32.706-05:002015-10-07T10:51:32.706-05:00" I realize that the Democrats want to protec..." I realize that the Democrats want to protect every customer from every risk"<br /><br />Once again, you have expertly demolished an argument that no one is making.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-61444026253795599162015-10-07T10:38:43.475-05:002015-10-07T10:38:43.475-05:00Sarbanes Oxley is still cost firms and America a l...Sarbanes Oxley is still cost firms and America a large amount just because Enron was playing games...Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-37211757824860759012015-10-07T10:37:07.598-05:002015-10-07T10:37:07.598-05:00Maybe this link is needed here also.
Forbes High T...Maybe this link is needed here also.<br /><a href="http://www.forbes.com/sites#/sites/realspin/2015/08/05/high-taxes-are-only-two-thirds-of-our-problem/" rel="nofollow">Forbes High Taxes is 1/3 of the Issue</a><br /><br />I do feel for the irresponsible and/or foolish people who lost their homes during the recession. However process, regulation, due diligence, paper work, oversite, etc is very expensive. I realize that the Democrats want to protect every customer from every risk, however we can not afford to do this and be globally competitive. Adult citizens need to take responsibility for their choices and actions.<br /><br /><a href="https://www.youtube.com/watch?v=EcpTiqKkePY" rel="nofollow">In the Words of WC Fields "You can't cheat and honest man"...</a> Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-41116614760679442602015-10-07T08:58:25.031-05:002015-10-07T08:58:25.031-05:00"Don't try to push that off on the Republ..."Don't try to push that off on the Republicans."<br /><br />I'm not. My point was that Republicans didn't make any ruckus about Obama being "soft on Wall Street". Instead, they took a hard line against any attempts the Administration did make towards tightening regulations on Wall Street. And, voila! Republicans are now taking a much larger chunk of the Wall Street campaign donations pie!Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-86239960829128615562015-10-06T15:40:22.653-05:002015-10-06T15:40:22.653-05:00Please remember the Democrats owned any possible p...Please remember the Democrats owned any possible prosecution. Don't try to push that off on the Republicans. They controlled the Presidency, the Justice Department, and Congress in 2009 and 2010. If anyone was looking for campaign dollars in this case... It was the Democrats.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-2845232450445309262015-10-06T13:05:32.972-05:002015-10-06T13:05:32.972-05:00"So maybe you are incorrect in thinking that ..."So maybe you are incorrect in thinking that something worth prosecuting actually occurred."<br /><br />Or more likely, Republicans saw this as an opportunity to take more of the campaign dollars from Wall Street -- which, lo and behold! -- has happened.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-83480908530890406242015-10-06T12:17:58.143-05:002015-10-06T12:17:58.143-05:00So maybe you are incorrect in thinking that someth...So maybe you are incorrect in thinking that something worth prosecuting actually occurred.<br /><br />Like this one... "Periods of tranquillity are seldom prolific of creative achievement. Mankind has to be stirred up." Santayana<br /><br /><a href="http://www.brainyquote.com/quotes/authors/g/george_santayana.html" rel="nofollow">Santayana Quotes</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-5850617534993171252015-10-06T11:24:44.116-05:002015-10-06T11:24:44.116-05:00"Of course there are many GOP politicians jus..."Of course there are many GOP politicians just like Reagan and GHW Bush, or the GOP would not have so much internal strife... Mitt Romney was very close to Reagan from my perspective."<br /><br />I didn't hear any Republicans criticizing Obama for his failure to prosecute Wall Street. Did I miss some? I guess I don't see the Romney-Reagan comparison, personally. And, frankly, I don't see many GOP politicians today that are like Reagan and GW Bush. All 16 folks running for President are to the right of where they were -- even the so-called "moderates" like Kasich or Christie.<br /><br />"Sadly I think Bush thought the war was over when he removed the dictators from power. Unfortunately he did not count on the people of Iraq and Afghanistan being somewhat crazy power hungry war mongers."<br /><br />Insert Santayana quote here.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-42191080925331693202015-10-06T10:52:38.536-05:002015-10-06T10:52:38.536-05:00Of course there are many GOP politicians just like...Of course there are many GOP politicians just like Reagan and GHW Bush, or the GOP would not have so much internal strife... Mitt Romney was very close to Reagan from my perspective.<br /><br />I hope you succeed in getting money out of politics, then we will not be bombarded by negative ads during the election season.<br /><br />Sadly I think Bush thought the war was over when he removed the dictators from power. Unfortunately he did not count on the people of Iraq and Afghanistan being somewhat crazy power hungry war mongers. I think his BIGGEST mistake was assuming that these people actually wanted peace, properity and self rule. That and cutting taxes without an equal number of spending cuts.Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-50973026203914703372015-10-06T10:13:05.368-05:002015-10-06T10:13:05.368-05:00"By your own comment, apparently Reagan and B..."By your own comment, apparently Reagan and Bush did prosecute criminals."<br /><br />Reagan and GHW Bush aren't today's Republicans.<br /><br />"How is this any worse than the big Public / Private Union groups and their supporters who are pushing their politics across the country. (ie there is big money on both sides)"<br /><br />Disenfranchising voters is slimy business.<br /><br />And, incidentally, if it were up to me, I would blow up our current campaign finance system in a way that folks like the Kochs/Soros or the unions would both dislike.<br /><br />"I think most of the tax cuts occurred before the wars. "<br /><br />Sure, the 2001 tax cuts was bigger than the 2003 one, but cutting taxes during a time of increased war spending is not smart handling of the economy -- if you're actually concerned about the debt.Seanhttp://brickcityblog.comnoreply@blogger.comtag:blogger.com,1999:blog-8193628934721963907.post-90234426500348631362015-10-06T09:54:20.107-05:002015-10-06T09:54:20.107-05:00By your own comment, apparently Reagan and Bush di...By your own comment, apparently Reagan and Bush did prosecute criminals.<br /><br />How is this any worse than the big Public / Private Union groups and their supporters who are pushing their politics across the country. (ie there is big money on both sides)<br /><a href="https://en.wikipedia.org/wiki/American_Legislative_Exchange_Council" rel="nofollow">Wiki ALEC</a><br /><br />I think most of the tax cuts occurred before the wars. <a href="https://en.wikipedia.org/wiki/Bush_tax_cuts" rel="nofollow">Wiki Bush Tax Cuts</a>Johnhttps://www.blogger.com/profile/14991027705809503541noreply@blogger.com