In his own words
subprime lending is a good idea
As everyone knows lending money to people who can't pay it back is an interesting theory as long as you are using other peoples' money, the genius of Obama economics is just staggering.
According to Reins, Fanny and Freddie commited a $1 Trillion to the CRA effort. Now what was the size of the bailout.
--
"Making sure your tires are properly inflated, simple thing, but we could save all the oil that they're talking about getting off drilling, if everybody was just inflating their tires and getting regular tune-ups. You could actually save just as much." Ob
- Timmy the Wonder Dog's blog
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Subsequent efforts to end the loop-hole were initially killed by Republicans in 2006 but later the House and Senate successfully overrode the Presidents veto in June 2008.
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)he keeps getting slapped down by the facts, yet he manages to post one of these misleading diaries every couple of days. I still wonder why there's this desperate need to blame it all on minorities? It may be latent white rural suburban culture.
--I blame it all on the Internet
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)Bushco committed a $1 Trillion to the Iraq effort. Now what was the size of the bailout?
Makes as much sense as what you wrote.
--GW Bush, leading contender for worst President ever.
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)that are rated "subprime"?
**Clicks stopwatch.**
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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)since the question was asked:
as i said: i never expect a straight answer from timmy. this theory he's pushing is dishonest crap, aimed to draw a connection between the liquidity crisis and "raclal minorities" (to quote his youtube video) -- and he knows it.
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| parent ).
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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| parent )The theory *is* 'dishonest crap', as your own comment above seems to suggest. Is this about extremity of language? Cuz it ain't an attack on a commenter.
--To think is not enough; you must think of something -- Jules Renard
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| parent )What's the point of calling it "dishonest" anyway? Why presume to know whether the people pushing a ludicrous, completely unsupportable idea actually believe in it, or are just out to cozen everyone? You don't need mens rea to prove this one is a turkey.
A bad idea is a bad idea, no need to make judgments about whoever brought it up.
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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| parent )And a variant, oddly enuf, of the way McCain plays the smear game. He counts on the press corps to assume, and write, that he 'doesn't really mean it', and therefore it isn't quite as sleazy. Except the press corps isn't playing along with the same enthusiasm as they used to.
We're all responsible for our own ideas. The idea that Timmy is merely out to 'cozen' everyone is not explanation, it's an excuse.
--To think is not enough; you must think of something -- Jules Renard
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| parent )has no impact on the argument. Just makes it harder to have one – it's kind of the whole philosophy around here.
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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| parent )Maybe it's like the old joke about kink: first it's just horrible, then horribly fascinating, then merely fascinating.
If someone says something which is just blatantly untrue, I wonder if it isn't smarter in the long haul to put it in the first person. "I just can't agree with that. The facts don't support it." Then you go ahead and say, "Why on earth do you believe such a thing, all the evidence to the contrary?" Of course, it also helps to put "evidence" inside an href tag, with some citation showing the moon is in fact not made of green cheese, or suchlike.
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| parent )It's a sad truth about innocence
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| parent )nt
--Ask courageous questions. Do not be satisfied with superficial answers. Be open to wonder and at the same time subject all claims to knowledge, without exception, to intense skeptical scrutiny. Be aware of human fallibility. Cherish your species and your
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| parent )http://www.time-blog.com/swampland/2008/10/embarracuda.html
--Fence post turtles -- They don't get up there by themselves, some moron had to put 'em there.
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| parent ). . ."i never expect a straight answer from Timmy," it's definitely borderline at best. In case the melodrama with Brooks this morning didn't make it clear, we're serious about the new policy. I'll respect Jordan's implicit judgment that this one wasn't quite over the line, but if it happens again after a warning it's going to be a week.
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| parent )I thought dissing Timmy's unique style of participation at the site had been grandfathered in as an exception to the normal rules?
--GW Bush, leading contender for worst President ever.
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| parent )than spin? So maybe we should just use spin instead of dishonest.
Of course many people think spin is dishonest. This is all very confusing. When you have the law on your side argue the law. If you have the facts on your side argue the facts. If you have neither pound your fist on the table and change the subject or point to a small part and say that it what caused the problem. It does help if the opposition is the one to blame for that small part. As opposed to deregulation or lack of oversight by your own side.
--Ask courageous questions. Do not be satisfied with superficial answers. Be open to wonder and at the same time subject all claims to knowledge, without exception, to intense skeptical scrutiny. Be aware of human fallibility. Cherish your species and your
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| parent )Keep asking the question until someone gives an answer.
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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| parent )side of the conversational transaction... This in turn leads to less faith on both sides when in fact we really have more in common than we like to admit. Still you know this game say something and then don't defend it. Of course walking away means that you lose in most cases....
--Ask courageous questions. Do not be satisfied with superficial answers. Be open to wonder and at the same time subject all claims to knowledge, without exception, to intense skeptical scrutiny. Be aware of human fallibility. Cherish your species and your
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| parent )I keep asking the question, and in response I get nothing but the soothing background noise of the internet. So, it's relaxing.
--Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you're a mile away and you have their shoes. -JH
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| parent )believe the CRA has played any significant role in the current financial crisis?
--Fence post turtles -- They don't get up there by themselves, some moron had to put 'em there.
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)I've seen him post on financial topics when he wasn't engaged in right-wing bomb throwing or GOP talking point regurgitating and it's clear that he has a first class mind and a serious understanding of these issues.
--Guard, protect and cherish your land, for there is no afterlife for a place that started out as Heaven.
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| parent )Wait, no, sorry.
--The other day I heard that ignorance and apathy are sweeping the country. I didn't know that, but I don't really care.
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| parent )not with only one unattributed YouTube and an unlinked cite to (not) back it up. Still less any (lack of) authority for that "$1 Trillion" figure.
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| parent )Not even conservative economists like Tyler Cowen.
--This place is my vacation.
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| parent )Fannie and Freddie had little to do with the crisis either, they were mostly the victims (yes, probably due to some bad management but more due to pressure from Congress and the WH).
The CORE reason for this crisis is the real estate bubble. Japan didn't have CRA or Fannie or Freddie but they did have a real estate bubble and it took them 10+ years to recover.
The other factor, which amplified the effect of the first, was the unregulated use of financial instruments. That's why Europe is having a crisis even if they don't have a CRA.
There's a lot of excellent conservative economists. It would be good to cite them. A great start is Feldstein's recent OpEd in the WSJ.
--This place is my vacation.
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)once their bailout is complete. Collectively they hold about $700 Billion in subprime and Alt-A loans. Assume a 25% default rate and what do you get? And please don't cite the CBO $25B bailout estimate unless you truly believe that number and can say why it's credible.
I don't buy the "victimhood" schtick for the two FMs one bit. At least three yearsm ago I remember reading some WSJ exposes about the FM/FM management cooking books to maximize their bonuses, which is of course criminal - see Enron, Worldcom, etc. But whistle-blowers were beaten down by the weight of Congresscrooks on the take, and inevitably the race card was played by the CBC on behalf of Raines.
Even now I don't see any indication that Raines, Gorelick and the rest of the morons running the two FMs will be called to account - do you? If their institutions were victimized by someone, don't you think they should tell their stories so we can avoid similar mistakes in the future? And is there any reason why they shouldn't be subject to the same FBI investigation that heads of private institutions supposedly are being put through?
Why were the two FMs given exemptions from Sorbanes-Oxley? Bud Siegelman and Richard Scrushy might think that's a little unfair.
While we're on the subject of politicians skating while the private sector crooks get targeted, I'd like to see the following:
---Chris Dodd removed from the Senate Banking Committee on ethical grounds for taking a $75K bribe from Countrywide.
-Obama explain the $126K he was given by the two FMs, and why James Johnson is affiliated with his campaign.
-Barney Franks' assurances that the two FMs were sound replayed each time McCain's idiotic "fundamentally sound economy" remark is reprised.
-Chuckie Wormer prosecuted for bringing down IndyMac.
-some more stuff I can't think of now.
Even a dead midget is far from light. - Confucius
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| parent )Err, isn't this the rationale that underlies most of what goes on in the upper echelons of Wall St.? the only question is how much of it can be successfully lawyered as 'legal' under the regulations in place at the time and how effectively were such regulations as did exist being enforced?
A 25% default rate? on all subprime and Alt-A loan holdings?
--GW Bush, leading contender for worst President ever.
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| parent )I know how they come up with them.
I do appreciate the knowledge, however, that the only persons who should be investigated or prosecuted with respect to the entire financial crisis are high-ranking Democrats.
--It's impossible to debate if people simply hold beliefs that have no grounding in reality.
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| parent )Here:
Fence post turtles -- They don't get up there by themselves, some moron had to put 'em there.
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| parent )