No Quarter

Posted Wednesday, September 8, 2010, at 10:30 PM
View 16 comments
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    This is amazing. Please keep these posts coming. I noticed in your last one you weren't commenting very much, please increase the frequency of this I need more.

    -- Posted by Damu on Wed, Sep 8, 2010, at 10:32 PM
  • The factory closed because incandescent light bulbs CFL's are cheaper to use. I have a relative who is a die hard republican, takes a crack at Obama every possible chance type of person. They switch to CFL's in their 8,000 square foot home not for the environment but because it's cheaper to run. Their electric bill? 400 a month. That was before they put the pool and water heaters on solar power.

    Can you also really blame businesses for moving to china. When it's cheaper not only to produce but to ship something and have it take 3 months to get from factory to the store shelves rather then a 3 weeks maybe something needs to change in the US.

    Bring down wages, add more tariffs for things brought into the country, Not threaten going on strike.

    Companies are not in the business to provide jobs to American people, they are in business to make the most money.

    You want to see the jobs come back to the US, then something has to be done to sweeten the pot here and it's not just at the government level. It's now capitalism on a global scale.

    -- Posted by npwinder on Wed, Sep 8, 2010, at 11:45 PM
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    After the upcoming election can we get more like this:

    Before my time, but I would like a resurgence.

    -- Posted by Damu on Thu, Sep 9, 2010, at 12:51 AM
  • Guillermo,

    The group of morons who got us into this economic mess are either gone, or will become political minorities after the November elections. The Republicans who voted "yes" on the President Obama stimulus package which sent our economy into its tailspin, have largely been voted out during the primaries. As for the Democrats, with the exceptions of those from the goofy left wing liberal districts, will by and large lose this election cycle.

    The success of the "New" Republicans will depend of whether they stay true to their word of economic and financial reform.

    -- Posted by Chunky Peanut Butter on Thu, Sep 9, 2010, at 10:11 PM
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    Oops, sorry to interrupt here but I found this amazing site depicting exactly what was talked about in the Giraffe video from earlier. It's made for children, so it's pretty easy to understand.

    -- Posted by Damu on Thu, Sep 9, 2010, at 11:48 PM
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    All I can say, that you are a much better man than I am to stay with this blog for so long.

    Lately it has become little more than a moron echo-chamber with the resident population of liberal non-producers consistently shouting down any idea or comment that doesn't bleed blue.

    Sad really. I know I'll take a hit for my comments - but I fully expect that. I've come to see where blogs are the only outlet for the little minds who want to feel more powerful and united by the echos they receive from themselves and each other. That being said, I must commend you, Sam and any other daring writers who remain among those not brainwashed.

    Keep up your efforts, lads. Our work is only beginning. And always remember, truth is truth and real men don't vote liberal.

    -- Posted by Mickel on Fri, Sep 10, 2010, at 2:31 PM
  • Yes, former President George Bush was a factor in the financial system collapse, by signing the Frank\Dodd bill that so corrupted the banking system, it had no choice but to fail.

    That was then, this is now. Now small business is facing the largest tax increase in history. They cannot expand due to the uncertainty of their ability to maintain and acquire capital. They are not hiring, if anything, they are forced to deal with a smaller, yet more efficient workforce. This leaves the marginally productive workers unemployed. At best, these worker can find temporary work with short term stimulus projects. Unfortunately, these jobs are short term, 3 to 6 months at best. As these projects wind down, the more skilled and specialized workers then finish the projects.

    Having an economic team with no experience, or no practical real world vision, this mess lies solely on the door step of President Obama. He has no clear economic policy except higher taxes and more spending. With the increasing taxes, we see more and more loop holes for the very wealthy, and more precise, Democrats who donate large sums of money to Democrats. As we now see, the middle class will also be hit with increasing taxes, thus decreasing their ability to consume goods and services.

    Only the elections in November will tell our future.

    True Mickel, real men don't vote liberal.

    -- Posted by Chunky Peanut Butter on Fri, Sep 10, 2010, at 3:03 PM
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    @Mickel lol did you actually read the blog above?

    -- Posted by Damu on Fri, Sep 10, 2010, at 3:40 PM
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    @CPB Where you able to figure out what the video was illustrating with the childrens website?

    -- Posted by Damu on Fri, Sep 10, 2010, at 3:41 PM
  • When you give loans to people despite their financial inability to pay back the loan, you're going to have problems. When you specifically target people who didn't qualify for loans under the long established loan qualifications, you get people who default on payments and eventually wind up in foreclosure. The reason we had so many foreclosures that led to this mess was because the government required these loans to be made.

    True, they didn't have a lot of regulation on how the banks could pass these bad loans onto the next investor which also led to the problems in other sectors of the financial industry. However, take away the government requirement to give loans to people who shouldn't be getting loans anyway and those bad loans don't get passed from one investor to another.

    The only way to make money on these loans was to keep selling them to the next investor before the people started defaulting on too many payments. They weren't going to make any money on the loans because they knew the people couldn't afford them but the government required loans to be made to low-income people even if the banks thought they were too big a risk for a loan. These loans were sold and resold and worked like a game of hot potato, keep them moving until it exploded.

    So on one hand, you want to condemn lack of regulation of how these loans were repackaged and resold but you ignore the fact that the government created the problem of putting these loans on the market in the first place. It wouldn't have mattered if they were sold or not because whoever was holding these loans was going to lose a lot of money. Every large bank originated these loans and they all would have lost a lot of money when the foreclosures were coming. As long as these loans are required to be made then the foreclosure problem will continue, one cycle after another until someone realizes that we need to make sure a person has a strong financial ability to repay their loan instead of giving them a loan because they don't have a strong financial ability to repay the loan. The lending in this country has been done completely backwards and it finally caught up to us.

    -- Posted by McCook1 on Fri, Sep 10, 2010, at 4:37 PM
  • McCook1 is spot on with his\her assessment. Kudos!

    -- Posted by Chunky Peanut Butter on Fri, Sep 10, 2010, at 7:44 PM
  • Your welcome, Molly123. Perhaps someday you will meet one!

    -- Posted by Chunky Peanut Butter on Fri, Sep 10, 2010, at 9:08 PM
  • Yes, that would be hard for her to explain to her parents why she married a man who puts hers, and her family's needs above his own.

    -- Posted by Chunky Peanut Butter on Sat, Sep 11, 2010, at 1:24 PM
  • When President Obama said change, he wasn't kidding.

    Once again, history repeats its self.

    -- Posted by Chunky Peanut Butter on Sat, Sep 11, 2010, at 5:57 PM
  • Now that's harsh!

    -- Posted by Chunky Peanut Butter on Sun, Sep 12, 2010, at 8:54 AM
  • reformed,

    Mortgage companies only originate a mortgage and sell it to a lender. They have the mortgage sold before the borrowers ever sign on the dotted line. The banks can hold onto these mortgages as evidence of meeting the LMI guidelines by the government which provides the market for mortgage companies to originate the mortgage for these banks. The mortgage companies aren't subject to CRA because they don't actually lend the money, they find the bank, originate the mortgage and sell it. They are not in the long term business of making loans. They make these loans because they already have banks that buy these mortgages to help meet the LMI guidelines those banks are required to meet. Government created the market for these loans, the private sector companies just tried to devise a way to make money off them but really just deferred the risk to the next investor.

    To ignore the fact that mortgage companies are originating these loans FOR the banks who need to meet the LMI guidelines, just lacks of professional honesty by that particular Law Office you quoted. Where a loan originates does not directly correlate to the broader problem and why there was a market for these in the first place. It also ignores the fact that the government was REQUIRING Fannie and Freddie to make nearly half of the mortgages they bought to be LMI loans which are predominantly subprime mortgages, this also created the market for those mortgage companies to originate the loans and sell them to Fannie and Freddie just like the other banks that were required to meet LMI guidelines. When Fannie and Freddie are required to do that, it means that they alone are responsible for requiring that at least 25% of all mortgages in the country are these types of mortgages and that's not counting the mortgages all of the other banks were required to make.

    -- Posted by McCook1 on Mon, Sep 13, 2010, at 12:43 PM
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