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VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST
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Anonymous Coward
User ID: 380513
10/13/2008 3:38 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
No fuck you you old son of a bitch. My wife doesnt get her hair or nails done asshole. We dont eat out. I drive a used POS to work and we share that POS. I rent. Have a 27 inch that was given to me by relatives and we do not have cable. Dont you compare me to suburban asshole who you are discribing. I don't mind working 2 jobs for my family I do mind being called lazy by some faceless bag of shit like yourself tho. Quoting: Anonymous Coward 404735
You think you've got it bad now, what about the people who don't even have that POS that you and your wife share? To them, you are rich. So, I guess you'd be more than willing to trade in that POS that you own for 20 bicycles. Then, give 19 of those bicycles to lazy asses that are sitting home collecting a welfare check, and you and your wife can share the one bike.
That's fair. I mean, that's what you're saying when you support spreading the wealth, right? So, you shouldn't have a problem with selling your car.
The point is, that wealth redistribution will only make the slackers strive even less to attain anything. Redistribution doesn't raise everyone up to the same level, it drags them down to equal levels of poverty. That's what you people seem to be missing. The government is already screwing us over and trying to nationalize the system. And don't sit here and spout the stupid comments I've seen earlier "Bush, McCain, etc all pushed this bailout to save the rich banks". I've got news for you SO DID OBAMA!!!
They all suck, yet you guys are allowing them to continue down this path by not standing up and demanding something better. Not the same, status quo candidates who don't intend to bring any change at all. The only change you're going to end up with is the change in your pockets.
Geez...what the hell does it take to get through to you people!!! |
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Xare
User ID: 524883
10/13/2008 3:40 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Study the French Revolution. You will find it interesting. Quoting: Anonymous Coward 521654
A new Revolution of Individualism is rising and we come for the Collectives head.
Guillotine TPTB :) |
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Anonymous Coward
User ID: 404735
10/13/2008 3:42 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
YEP I CALL BRAT AND NOT SPOILED JUST STUPID!
Couldn't have put it any better!
I wouldnt take a sandwich from you assholes if I was starving.
And yet you are most willing to take from those that provide now, when you are not starving. Hmmmmm ......I call shennanigans! Someone get the brooms! Quoting: Anonymous Coward 478838
Lets get something straight. You expect me to be grateful to my employer for giving me a job. Now I see why we dont see eye to eye. You are one of them. I earn my paycheck. It is a business transaction. I provide a service they pay for that service. |
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KindaGamey 
Parsley Sage
User ID: 518723
10/13/2008 3:42 PM
 | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Not EVERYONE can be wealthy in a monetary system. It isn't possible. A poor class is written into the code. Scarcity is the measure of value; so we make things scarce. A high-end house, stereo, car is only considered high-end because only the few can have it. If it were readily available it would be worth nothing. Right?
If we found a million gallons of oil tomorrow we would cover it up and not tell anyone. That is why this system is a piece of shit, has been killing man and turning us against each other for far too long, and it is ready to die.
And it isn't because some people aren't lazy or don't work enough -- you've got women working 3 jobs in the projects and trying to make ends meet enough to pay for bills and feed their kids. They work harder than any executive ever has and have shit to show for it.
Death to the monetary system.
Death to the human system of control.
Death to the exploitation of the world's poor.
[link to kindagamey.com] |
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Anonymous Coward
User ID: 380513
10/13/2008 3:44 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Tell you what, I have a friend who is piss poor. He's only 30, suffers from Grand Mal Epilepsy, can't get a job as he is unemployable.
Should we just leave him to starve? Quoting: Anonymous Coward 448887
No, that's what charity is for. There are plenty of people out there who donate to causes to help people in need. That is their choice. It shouldn't be the governments job to force people to help everybody who's looking for a handout. Not everyone is in a position as your friend. Many are just sitting around smoking crack, popping out babies and getting tanked every night. Those people don't deserve a handout.
It should be an individuals right to determine where and how he wants to use his money. |
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Anonymous Coward
User ID: 445358
10/13/2008 3:44 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Quoting: Anonymous Coward 445358
 |
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Billy Joel
User ID: 513534
10/13/2008 3:45 PM
 | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
I love how socialism is just assumed to be evil and terrible.
Obama isn't a socialist whatsoever, but if he was, I'd probably love him even more. |
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Anonymous Coward
User ID: 525205
10/13/2008 3:45 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Fucking Pacfudge and his brown nose so far up some NeoCons ass that he can't think properly.
It's obvious the scam of the 'trickle down theory' is just that a scam. Give tax break to people who are already filthy rich because they will create jobs and the money will trickle down.. that's what reaches the average man, a trickle...
So yes, spreading the wealth is a good thing! It's insane that that somebody is making millions while other people in the same company are barely able to pay their bills, nobody is worth that much more than another worker. |
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Anonymous Coward
User ID: 521654
10/13/2008 3:47 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
My point is why blame young people when so many are not living beyond their means that still find it hard to get by. I dont borrow money. I dont have a credit card. I save what I can but it's not much. I dont ask for hand outs I expect nothing that my hard work wont bring me. I play by the rules I could have gotten a loan for a house but I didnt because I could not afford it (even thought the bank said I could I knew better). I hate people calling me lazy. I dont like being called a communist as older people like to call everything they hate. I dont want the Gov to take care of me cause I can do it on my own. When my taxes pay to bail them out well I feel I should benifit but I thought that was only right. Quoting: Anonymous Coward 404735
There is only so much money to go around. Did you watch the youtube videos I put up? You (your generation) need to get this concept through your head. Why do you think we need this bail out? Go and really dig into it. You will find that social engineering programs are what started and kept the spending ball rolling. The last thing you need is more government interference in your life (Obama style). I'm not on here harping because I have worked and taken care of my family. We are going to be fine. It is your generation I'm truly worried for. You kids need to figure out that you are being sold a turd (socialism) wrapped up to look like a nice shiny gift. Don't be apathetic about your future. |
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Xare
User ID: 524883
10/13/2008 3:47 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
I love how socialism is just assumed to be evil and terrible.
Obama isn't a socialist whatsoever, but if he was, I'd probably love him even more. Quoting: Billy Joel
 |
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Anonymous Coward
User ID: 404735
10/13/2008 3:48 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
No fuck you you old son of a bitch. My wife doesnt get her hair or nails done asshole. We dont eat out. I drive a used POS to work and we share that POS. I rent. Have a 27 inch that was given to me by relatives and we do not have cable. Dont you compare me to suburban asshole who you are discribing. I don't mind working 2 jobs for my family I do mind being called lazy by some faceless bag of shit like yourself tho.
You think you've got it bad now, what about the people who don't even have that POS that you and your wife share? To them, you are rich. So, I guess you'd be more than willing to trade in that POS that you own for 20 bicycles. Then, give 19 of those bicycles to lazy asses that are sitting home collecting a welfare check, and you and your wife can share the one bike.
That's fair. I mean, that's what you're saying when you support spreading the wealth, right? So, you shouldn't have a problem with selling your car.
The point is, that wealth redistribution will only make the slackers strive even less to attain anything. Redistribution doesn't raise everyone up to the same level, it drags them down to equal levels of poverty. That's what you people seem to be missing. The government is already screwing us over and trying to nationalize the system. And don't sit here and spout the stupid comments I've seen earlier "Bush, McCain, etc all pushed this bailout to save the rich banks". I've got news for you SO DID OBAMA!!!
They all suck, yet you guys are allowing them to continue down this path by not standing up and demanding something better. Not the same, status quo candidates who don't intend to bring any change at all. The only change you're going to end up with is the change in your pockets.
Geez...what the hell does it take to get through to you people!!! Quoting: Anonymous Coward 380513
Stop right there. I do not support rich politicians. Any rich politicians. You may be in a higher income bracket than myself and they may be looking after your best interest but I make less than 100k a year and I do not believe these rich men represent me.
I used the same logic you used in the above post to figure out that one. |
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Billy Joel
User ID: 513534
10/13/2008 3:49 PM
| | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
I love how socialism is just assumed to be evil and terrible.
Obama isn't a socialist whatsoever, but if he was, I'd probably love him even more.
 |
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Anonymous Coward
User ID: 332576
10/13/2008 3:54 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
WASHINGTON—At a press conference on Monday, members of the Vietnam Veterans Alliance blasted Democratic nominee Barack Obama for his failure to serve in the Southeast Asian war that ended 33 years ago, alleging that during the conflict the candidate frequently engaged in games of T-ball. "While our boys were dying in Vietnam, Barack Obama was running around a little league field, laughing and having fun without a care in the world," VVA spokesman James Lowry said. "John McCain left his wife and three children behind and fought bravely, but I guess Sen. Obama decided that practicing cursive and learning how to ride a bike was just more important than defending his country in her hour of need. I bet he wasn't even able to point out Vietnam on a map." Lowry later speculated that if Obama had been sent over to fight in the conflict, he probably would have peed his pants and cried for his mommy as soon as he touched down in Saigon. |
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Anonymous Coward
User ID: 404735
10/13/2008 3:54 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
My point is why blame young people when so many are not living beyond their means that still find it hard to get by. I dont borrow money. I dont have a credit card. I save what I can but it's not much. I dont ask for hand outs I expect nothing that my hard work wont bring me. I play by the rules I could have gotten a loan for a house but I didnt because I could not afford it (even thought the bank said I could I knew better). I hate people calling me lazy. I dont like being called a communist as older people like to call everything they hate. I dont want the Gov to take care of me cause I can do it on my own. When my taxes pay to bail them out well I feel I should benifit but I thought that was only right.
There is only so much money to go around. Did you watch the youtube videos I put up? You (your generation) need to get this concept through your head. Why do you think we need this bail out? Go and really dig into it. You will find that social engineering programs are what started and kept the spending ball rolling. The last thing you need is more government interference in your life (Obama style). I'm not on here harping because I have worked and taken care of my family. We are going to be fine. It is your generation I'm truly worried for. You kids need to figure out that you are being sold a turd (socialism) wrapped up to look like a nice shiny gift. Don't be apathetic about your future. Quoting: Anonymous Coward 521654
I hope you are not referring to the low income minority housing thing because studies prove it was middle class suburban-ites who benefited from the loose lending. Buying that second home was a bad idea. Look into it. I am not one of them. Credit is more to blame than anything. It is offered up to kids before they are mature enough to see the danger. I would love to own my own business and mybe one day I will have an idea that with hard work will take me to the next step. I will be in the minority on that day. |
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Anonymous Coward
User ID: 521654
10/13/2008 3:54 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Fucking Pacfudge and his brown nose so far up some NeoCons ass that he can't think properly.
It's obvious the scam of the 'trickle down theory' is just that a scam. Give tax break to people who are already filthy rich because they will create jobs and the money will trickle down.. that's what reaches the average man, a trickle...
So yes, spreading the wealth is a good thing! It's insane that that somebody is making millions while other people in the same company are barely able to pay their bills, nobody is worth that much more than another worker. Quoting: Anonymous Coward 525205
You are completely brainwashed. |
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Anonymous Coward
User ID: 404735
10/13/2008 3:56 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
I love how socialism is just assumed to be evil and terrible.
Obama isn't a socialist whatsoever, but if he was, I'd probably love him even more. Quoting: Billy Joel
It is actually very Christian but who cares. |
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Billy Joel
User ID: 513534
10/13/2008 3:56 PM
| | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Fucking Pacfudge and his brown nose so far up some NeoCons ass that he can't think properly.
It's obvious the scam of the 'trickle down theory' is just that a scam. Give tax break to people who are already filthy rich because they will create jobs and the money will trickle down.. that's what reaches the average man, a trickle...
So yes, spreading the wealth is a good thing! It's insane that that somebody is making millions while other people in the same company are barely able to pay their bills, nobody is worth that much more than another worker.
You are completely brainwashed. Quoting: Anonymous Coward 521654
No, you are. |
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Anonymous Coward
User ID: 521654
10/13/2008 3:57 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Not EVERYONE can be wealthy in a monetary system. It isn't possible. A poor class is written into the code. Scarcity is the measure of value; so we make things scarce. A high-end house, stereo, car is only considered high-end because only the few can have it. If it were readily available it would be worth nothing. Right?
If we found a million gallons of oil tomorrow we would cover it up and not tell anyone. That is why this system is a piece of shit, has been killing man and turning us against each other for far too long, and it is ready to die.
:collapse:
And it isn't because some people aren't lazy or don't work enough -- you've got women working 3 jobs in the projects and trying to make ends meet enough to pay for bills and feed their kids. They work harder than any executive ever has and have shit to show for it.
Death to the monetary system.
Death to the human system of control.
Death to the exploitation of the world's poor.
:collapse: Quoting: KindaGamey
When your nice friends from the government have complete control of everything and have taken your guns, you will realize the folly of your idealism fool. Sadly for you it will be much too late. |
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Anonymous Coward
User ID: 350912
10/13/2008 3:57 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
 |
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Anonymous Coward
User ID: 518001
10/13/2008 3:58 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Death to the monetary system.
Death to the human system of control.
Death to the exploitation of the world's poor. Quoting: KindaGamey
Cut word lines
Cut music lines
Smash the control images
Smash the control machine. |
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Xare
User ID: 524883
10/13/2008 4:00 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
"...we understand only the individual's capacity to make sacrifices for the community, for his fellow men." -- Adolf Hitler, 10-7-33
"To be a socialist is to submit the I to the thou; socialism is sacrificing the individual to the whole." -- Joseph Goebbels, Minister of Propaganda, National Socialist German Workers' ("Nazi") Party
"We need to stop worrying about the rights of the individual and start worrying about what is best for society." -- Hillary Clinton
"Comrades! We must abolish the cult of the individual decisively, once and for all." -- Soviet Premier Nikita S. Khrushchev, addressing the 20th Congress of the Soviet Communist Party, 2-25-56 |
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KindaGamey
Parsley Sage
User ID: 518723
10/13/2008 4:01 PM
| | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
When your nice friends from the government have complete control of everything and have taken your guns, you will realize the folly of your idealism fool. Sadly for you it will be much too late. Quoting: Anonymous Coward 521654
If we don't have money why the hell would we need a government? We would have organizations in place to coordinate certain tasks, but that's it.
And unlike now when we have politicians and doctors taking those jobs solely for the money, in a society without money people would only go into those jobs if that is what their true calling was - to help people.
People like you and the cynicism you carry is the ONLY hindrance to this ideology starting tomorrow on earth if we wanted it to.
[link to kindagamey.com] |
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Anonymous Coward
User ID: 521654
10/13/2008 4:04 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
My point is why blame young people when so many are not living beyond their means that still find it hard to get by. I dont borrow money. I dont have a credit card. I save what I can but it's not much. I dont ask for hand outs I expect nothing that my hard work wont bring me. I play by the rules I could have gotten a loan for a house but I didnt because I could not afford it (even thought the bank said I could I knew better). I hate people calling me lazy. I dont like being called a communist as older people like to call everything they hate. I dont want the Gov to take care of me cause I can do it on my own. When my taxes pay to bail them out well I feel I should benifit but I thought that was only right.
There is only so much money to go around. Did you watch the youtube videos I put up? You (your generation) need to get this concept through your head. Why do you think we need this bail out? Go and really dig into it. You will find that social engineering programs are what started and kept the spending ball rolling. The last thing you need is more government interference in your life (Obama style). I'm not on here harping because I have worked and taken care of my family. We are going to be fine. It is your generation I'm truly worried for. You kids need to figure out that you are being sold a turd (socialism) wrapped up to look like a nice shiny gift. Don't be apathetic about your future.
I hope you are not referring to the low income minority housing thing because studies prove it was middle class suburban-ites who benefited from the loose lending. Buying that second home was a bad idea. Look into it. Quoting: Anonymous Coward 404735
Someone has few you a line of goods. Follow the money.
Banks were forced to loan money to borrowers they never would have, had government regulation not forced them to. Then, additional government regulation allowed Wall Street to package the loans that never should have been made into negotiable securities and sold, and resold. This made these high risk securities backed by the loans that never should have been made in the first place popular with the hedge funds and investment banks worldwide - because they had a high yield. This created tremendous demand back down the pipe for more of these securities, which accelerated even further the building of homes that never should have been built, and sold to buyers who could not afford, nor had the ability to borrow, which overbuilt the entire housing market and deflated the value of all houses. The genesis of the entire mess is GOVERNMENT wrongly demanding a solution to so-called “affordable housing”, adopting the attitude that Banks were racist for "wink & nod" redlining, then ordering banks to loan money to people NOT based upon credit standards that protected the bank. It was in the mid-1990s when our vaunted statesmen decided the CRA - the Community Reinvestment Act - allowed CRA loans to be "securitized"... or allowed Wall Street to slice and dice the loans so that they would be popular with institutional investors, resulting in more money available to loan money to people who never should have borrowed in the first place.
Move forward to 2003/4…. in order to curry congressional support after their accounting scandals, Fannie Mae and Freddie Mac committed to increased financing of "affordable housing."
Their buying patterns and interests were followed closely in the markets. If Fannie and Freddie wanted subprime or Alt-A loans, the mortgage markets would produce them. By late 2004, Fannie and Freddie very much wanted subprime and Alt-A loans. Their accounting had just been revealed as fraudulent, and they were under pressure from Congress to demonstrate that they deserved their considerable privileges. Among other problems, economists at the Federal Reserve and Congressional Budget Office had begun to study them in detail, and found that -- despite their subsidized borrowing rates -- they did not significantly reduce mortgage interest rates. In the wake of Freddie's 2003 accounting scandal, Fed Chairman Alan Greenspan became a powerful opponent, and began to call for stricter regulation of the GSEs and limitations on the growth of their highly profitable, but risky, retained portfolios.
If they were not making mortgages cheaper and were creating risks for the taxpayers and the economy, what value were they providing? The answer was their affordable-housing mission. So it was that, beginning in 2004, their portfolios of subprime and Alt-A loans and securities began to grow. Subprime and Alt-A originations in the U.S. rose from less than 8% of all mortgages in 2003 to over 20% in 2006. During this period the quality of subprime loans also declined, going from fixed rate, long-term amortizing loans to loans with low down payments and low (but adjustable) initial rates, indicating that originators were scraping the bottom of the barrel to find product for buyers like the GSEs.
The strategy of presenting themselves to Congress as the champions of affordable housing appears to have worked. Fannie and Freddie retained the support of many in Congress, particularly Democrats, and they were allowed to continue unrestrained. Rep. Barney Frank (D., Mass), for example, now the chair of the House Financial Services Committee, openly described the "arrangement" with the GSEs at a committee hearing on GSE reform in 2003: "Fannie Mae and Freddie Mac have played a very useful role in helping to make housing more affordable . . . a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing." The hint to Fannie and Freddie was obvious: Concentrate on affordable housing and, despite your problems; your congressional support is secure.
CRA created an environment where the banks were forced to ignore sound credit policies in order to meet government quotas for lending in certain areas. It appears there is blame to share among the traders, the originators, the underwriters, the policy makers, the borrowers, the realtors, the builders, the GSE's, Congress, the Fed, the regulators, the States but mostly the individuals who signed loans they could not afford... the government asked, Wall Street delivered, the public responded.
Now many people are calling for more regulation, but I don't see that helping at all. The line of separation between Wall Street crooks and our Regulating politicians is almost zero. They will regulate to themselves more stolen money. |
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Anonymous Coward
User ID: 521654
10/13/2008 4:05 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
My point is why blame young people when so many are not living beyond their means that still find it hard to get by. I dont borrow money. I dont have a credit card. I save what I can but it's not much. I dont ask for hand outs I expect nothing that my hard work wont bring me. I play by the rules I could have gotten a loan for a house but I didnt because I could not afford it (even thought the bank said I could I knew better). I hate people calling me lazy. I dont like being called a communist as older people like to call everything they hate. I dont want the Gov to take care of me cause I can do it on my own. When my taxes pay to bail them out well I feel I should benifit but I thought that was only right.
There is only so much money to go around. Did you watch the youtube videos I put up? You (your generation) need to get this concept through your head. Why do you think we need this bail out? Go and really dig into it. You will find that social engineering programs are what started and kept the spending ball rolling. The last thing you need is more government interference in your life (Obama style). I'm not on here harping because I have worked and taken care of my family. We are going to be fine. It is your generation I'm truly worried for. You kids need to figure out that you are being sold a turd (socialism) wrapped up to look like a nice shiny gift. Don't be apathetic about your future.
I hope you are not referring to the low income minority housing thing because studies prove it was middle class suburban-ites who benefited from the loose lending. Buying that second home was a bad idea. Look into it. Quoting: Anonymous Coward 404735
Someone has fed you a line of goods. Follow the money.
Banks were forced to loan money to borrowers they never would have, had government regulation not forced them to. Then, additional government regulation allowed Wall Street to package the loans that never should have been made into negotiable securities and sold, and resold. This made these high risk securities backed by the loans that never should have been made in the first place popular with the hedge funds and investment banks worldwide - because they had a high yield. This created tremendous demand back down the pipe for more of these securities, which accelerated even further the building of homes that never should have been built, and sold to buyers who could not afford, nor had the ability to borrow, which overbuilt the entire housing market and deflated the value of all houses. The genesis of the entire mess is GOVERNMENT wrongly demanding a solution to so-called “affordable housing”, adopting the attitude that Banks were racist for "wink & nod" redlining, then ordering banks to loan money to people NOT based upon credit standards that protected the bank. It was in the mid-1990s when our vaunted statesmen decided the CRA - the Community Reinvestment Act - allowed CRA loans to be "securitized"... or allowed Wall Street to slice and dice the loans so that they would be popular with institutional investors, resulting in more money available to loan money to people who never should have borrowed in the first place.
Move forward to 2003/4…. in order to curry congressional support after their accounting scandals, Fannie Mae and Freddie Mac committed to increased financing of "affordable housing."
Their buying patterns and interests were followed closely in the markets. If Fannie and Freddie wanted subprime or Alt-A loans, the mortgage markets would produce them. By late 2004, Fannie and Freddie very much wanted subprime and Alt-A loans. Their accounting had just been revealed as fraudulent, and they were under pressure from Congress to demonstrate that they deserved their considerable privileges. Among other problems, economists at the Federal Reserve and Congressional Budget Office had begun to study them in detail, and found that -- despite their subsidized borrowing rates -- they did not significantly reduce mortgage interest rates. In the wake of Freddie's 2003 accounting scandal, Fed Chairman Alan Greenspan became a powerful opponent, and began to call for stricter regulation of the GSEs and limitations on the growth of their highly profitable, but risky, retained portfolios.
If they were not making mortgages cheaper and were creating risks for the taxpayers and the economy, what value were they providing? The answer was their affordable-housing mission. So it was that, beginning in 2004, their portfolios of subprime and Alt-A loans and securities began to grow. Subprime and Alt-A originations in the U.S. rose from less than 8% of all mortgages in 2003 to over 20% in 2006. During this period the quality of subprime loans also declined, going from fixed rate, long-term amortizing loans to loans with low down payments and low (but adjustable) initial rates, indicating that originators were scraping the bottom of the barrel to find product for buyers like the GSEs.
The strategy of presenting themselves to Congress as the champions of affordable housing appears to have worked. Fannie and Freddie retained the support of many in Congress, particularly Democrats, and they were allowed to continue unrestrained. Rep. Barney Frank (D., Mass), for example, now the chair of the House Financial Services Committee, openly described the "arrangement" with the GSEs at a committee hearing on GSE reform in 2003: "Fannie Mae and Freddie Mac have played a very useful role in helping to make housing more affordable . . . a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing." The hint to Fannie and Freddie was obvious: Concentrate on affordable housing and, despite your problems; your congressional support is secure.
CRA created an environment where the banks were forced to ignore sound credit policies in order to meet government quotas for lending in certain areas. It appears there is blame to share among the traders, the originators, the underwriters, the policy makers, the borrowers, the realtors, the builders, the GSE's, Congress, the Fed, the regulators, the States but mostly the individuals who signed loans they could not afford... the government asked, Wall Street delivered, the public responded.
Now many people are calling for more regulation, but I don't see that helping at all. The line of separation between Wall Street crooks and our Regulating politicians is almost zero. They will regulate to themselves more stolen money. |
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PACNWguy
User ID: 501628
10/13/2008 4:10 PM
 | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Cavuto is showing this video and ripping into the Obama supporter about it. "This is fucking socialism".
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY |
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Anonymous Coward
User ID: 521654
10/13/2008 4:13 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
When your nice friends from the government have complete control of everything and have taken your guns, you will realize the folly of your idealism fool. Sadly for you it will be much too late.
If we don't have money why the hell would we need a government? We would have organizations in place to coordinate certain tasks, but that's it.
And unlike now when we have politicians and doctors taking those jobs solely for the money, in a society without money people would only go into those jobs if that is what their true calling was - to help people.
People like you and the cynicism you carry is the ONLY hindrance to this ideology starting tomorrow on earth if we wanted it to. Quoting: KindaGamey
Most people thought the 1960s showed off a new way of life, but the ideas that propelled that time are quite old. 'Power to the people,' 'it is forbidden to forbid': those same attitudes were apparently swirling around the Russian underground in the 1870s. We see them implied on TV; we hear them from coworkers; we see them exercised in the court of law. Frightening, because these ideas culminated in the Bolshevik Revolution the first time around. First you shame or disabuse a society of its beliefs, and then you fill the void. When looking at the ideas that fostered Communism, you learn that ideas have unintended consequences, no matter how careful, idealistic or even foolish their creators may be. |
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anonymous
User ID: 525230
10/13/2008 4:17 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Tax the rich ....feed the poor.
Til there are no rich no more!
And then what? Quoting: Anonymous Coward 478838
california did it and rich amedical bills and who knows what else..tre leaving in droves..poor will have to pay thier own rent bills soon..california icontinued importing poverty and uneducated radicals..now californis hits skid row..not enought rich left to pay the bills of big gov and the poor.. |
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KindaGamey
Parsley Sage
User ID: 518723
10/13/2008 4:23 PM
| | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Q: Who made socialism sound like such a scary concept?
A: The same guys that benefit from capitalism.
[link to kindagamey.com] |
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Billy Joel
User ID: 513534
10/13/2008 4:25 PM
| | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Q: Who made socialism sound like such a scary concept?
A: The same guys that benefit from capitalism. Quoting: KindaGamey
Yes! Exactly! |
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Anonymous Coward
User ID: 380513
10/13/2008 4:30 PM | | Re: VIDEO: OBAMA tells Man ~ WE ARE GOING TO SPREAD THE WEALTH AROUND. BY HIS OWN WORDS. CONFIRMED SOCIALIST | Quote |
Q: Who made socialism sound like such a scary concept?
A: The same guys that benefit from capitalism.
Yes! Exactly! Quoting: Billy Joel
If you like socialism so much, why don't you marry it! No, seriously though, why don't you just move to China or Cuba? |
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