$14B auto bailout dies in Senate

[timmm55]

Isn't it also their job, first and foremost, to look after the good of the nation as a whole?

 

My thoughts exactly!

[Deanh]

My thoughts exactly!

I for one am losing faith in this countries "Mangement" team on a daily basis...at least half should be laid off, with ZERO benefits....ba$tards need some hands on with what they feel is ACCEPTABLE to potentially burden others with....

[Versa-Tech]

I for one am losing faith in this countries "Mangement" team on a daily basis...at least half should be laid off, with ZERO benefits....ba$tards need some hands on with what they feel is ACCEPTABLE to potentially burden others with....

Unless some serious changes take place (No, not Obama "change"), I could see things going as far as civil war in the next 20 years...

[Bored of Pisteon]

Oh come on. Palin hasn't done anything to deserve such comparison. You can't blame the woman for being smoking hot

 

Shelby and Corker get twin fingers from me

 

Come to think of it, I might give Palin a couple fingers if I had the chance....

 

:beerchug:

[Bored of Pisteon]

Hah. Go figure. Guess he didn't care much about the UAW plants in his state.

 

Did you also notice that him (Biden) John Kerry, and Bloated Kennedy didn't even bother to show up to vote on the bill?

 

FUCK THOSE ASSHOLES! Those three define liberal elitism (scum) at it's best!

[Savetheplanet]

Perhaps you could explain how pjm.com is any less reliable than NYT? LA Times? Chicago Tribune? Nah, didn't think so. Print media is dead/dying because it is worthless crap, 90% of the time. Here's a thought: find a flaw in what was said instead of ad hominem attacks. Thinking people don't get their information from your sacred talking points rags anymore.

 

Barney Frank is right about twice a day, just like a stuck clock. Workers, or more specifically their pay structures, are basically fat welfare recipients.

 

You think home equity loans are what has caused this mess, rather than the CRA. Ok, take your own medicine and show ANY proof of that assertion. I don't care if you have to go to NPR for some fabricated bs, show something.

 

 

CRA was passed in 1977, if CRA ws the problem, why didn't the subprime crisis break out 25 years ago? In fact the explosion of subprime loans that have led to the foreclosure crisis were made between 2002--2006. Institutions that were never covered by the CRA made the majority of the bad loans. In Massachusetts in 2006 lenders not subject to CRA regulations made 98.4% of the subprime loans. In that same year 24 of 25 top subprime lenders nationwide were not regulated by the CRA.

Janet Yellen, the president of the Fed. Res. bank of San Francisco points out that the independent mortgage companies issued subprime loans at more than twice the rate of CRA regulated institutions. The fact of the matter is that a string of other banks and financial companies tht didn't have aggressive affirmitive action policies have also collapsed. There is plenty of blame to go around for the meltdown, one of many would be the Commodities futures modernization act, which exempted complex financial instruments known as dervativess from regulation, with bipartisan support I might add.

[Critic]

What do they call 1000 politicians at the bottom of the ocean?

 

A good beginning.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All right, that's it for me. You've been great. Good night, everybody.

[Versa-Tech]

CRA was passed in 1977, if CRA ws the problem, why didn't the subprime crisis break out 25 years ago? In fact the explosion of subprime loans that have led to the foreclosure crisis were made between 2002--2006. Institutions that were never covered by the CRA made the majority of the bad loans. In Massachusetts in 2006 lenders not subject to CRA regulations made 98.4% of the subprime loans. In that same year 24 of 25 top subprime lenders nationwide were not regulated by the CRA.

Janet Yellen, the president of the Fed. Res. bank of San Francisco points out that the independent mortgage companies issued subprime loans at more than twice the rate of CRA regulated institutions. The fact of the matter is that a string of other banks and financial companies tht didn't have aggressive affirmitive action policies have also collapsed. There is plenty of blame to go around for the meltdown, one of many would be the Commodities futures modernization act, which exempted complex financial instruments known as dervativess from regulation, with bipartisan support I might add.

I knew I smelt something... where have you been STP?

[Moosetang]

Harry Reid voted NO.

By voting NO as the majority leader, he preserves the option of re-presenting the bill should something spur the GOP into action. If he had voted YES and cloture had failed, the bill could not be brought up again until the next Senate is sworn in.

 

As for Biden, I'm fairly sure that if his 1 vote were the difference maker he'd be there, but the cloture vote went down by 8 votes. This was nobody's fault but the GOP's, the Dems and the Big 3 all made huge concessions to get the bill passed, the GOP made none. Good governance is built on compromise between both sides on any given issue, that Congressional Republicans seem to have forgotten the meaning of the word "compromise" could be a good explanation as to why their governance has been el stinko.

[timmm55]

FUCK THOSE ASSHOLES! Those three define liberal elitism (scum) at it's best!

 

Odd, since it's the Southern Republicans who are blocking the loan.

 

It's the "scum" who favor the unions.

[Versa-Tech]

Odd, since it's the Southern Republicans who are blocking the loan.

 

It's the "scum" who favor the unions.

A perfect example of the hypocrisy that is political parties.

[timmm55]

A perfect example of the hypocrisy that is political parties.

 

This is certainly a strange combination of bedfellows: GWB and the Democrats in favor, the Southern Republicans against.

 

WEIRD.

 

Not to make it sound like a conspiracy, but I don't think you have to scratch very deep to see who the Foreign car companies have in their back pockets.

[Deanh]

This is certainly a strange combination of bedfellows: GWB and the Democrats in favor, the Southern Republicans against.

 

WEIRD.

 

Not to make it sound like a conspiracy, but I don't think you have to scratch very deep to see who the Foreign car companies have in their back pockets.

X-ZACKLY.....

[Critic]

You don't think that the last official act W does when he leaves is to completely let the Country slip into depression, because he stood by and thumbed his nose at the middle class?

 

You don't think the senators who have 2-6 more years til re-election decided to put it in his lap, and figure that the middle class who can't remember who won last weeks dancin with the stars will remember how they voted come their re-election?

 

It's like this, LABOR has ALWAYS taken heat from those who are jealous of something , THEY THEMSELVES DO NOT HAVE!

 

It's also like this: better get use to it, because as long as a Ford is built IN THIS COUNTRY, it will be put together BY the UAW.

 

Let the myths continue about the UAW.

 

Make you feel better now?

[probeGT]

And Barney Frank considers the autoworkers welfare recipients:

 

 

You got some real winners there, GT.

 

YOU may think that saying you want government to help individuals is a bad thing, but not everyone else does. Yes, in fact, Frank's quote right there DOES make me think of him as a "winner" in the non-sarcastic use of the term.

[Versa-Tech]

This is certainly a strange combination of bedfellows: GWB and the Democrats in favor, the Southern Republicans against.

 

WEIRD.

 

Not to make it sound like a conspiracy, but I don't think you have to scratch very deep to see who the Foreign car companies have in their back pockets.

Word :yup:

[LSFan00]

•Increased Risk. While both CRA- and non-CRA lenders have increased the

number of loans to low-income borrowers, the financial soundness of CRAcovered

institutions decreases the better they conform to the CRA. Gunther

compares certain institutions’ CRA ratings to their CAMELS rating—a formula

used by bank regulators to assign safety and soundness ratings that takes into

account capital adequacy, asset quality, management, earnings, liquidity, and

sensitivity to market risks. He found that the better a lender was rated by CRA

standards, the worse was its CAMELS rating.16

• Increased Costs for Small Lenders. Apart from the cumulative cost of writing

riskier loans, CRA-covered institutions must cope with the direct costs of

complying with the Act. The burden is especially heavy on small lenders that

might compete directly with credit unions, which are exempt from the Act.17 A

1992 survey of 445 small banks found that compliance with CRA cost 4.5 percent

of their pretax income and, on average, 0.25 percent of their total assets.18

 

This stuff quickly devolves beyond message board debate but the CRA and it's associated acts (including the INCREDIBLE consequences of the far reaching expansion of it's impact after the mid-1990's changes) some day may actually be pinned as THE turning point in the decline of American, and western, financial and economic power.

 

Without getting into the ridiculous antics of some of our current politicians, anyone who does a modicum of research on the subject will reach at least this same conclusion; this housing was not, ultimately, "affordable" for American taxpayers.

[RichardJensen]

the CRA and it's associated acts (including the INCREDIBLE consequences of the far reaching expansion of it's impact after the mid-1990's changes) some day may actually be pinned as THE turning point in the decline of American, and western, financial and economic power.

Thanks for the link. Guess what else that article says:

 

Of the vast increase in subprime lending in LMI neighborhoods, CRA covered institutions only accounted for 15 percent of those loans.

 

See? I can cherry-pick quotes from your article just as well as you can.

 

Were Countrywide, Beneficial, and Citifinancial institutions that had to comply with the CRA? They were not. What's your explanation for their failure?

[RangerM]

YOU may think that saying you want government to help individuals is a bad thing, but not everyone else does. Yes, in fact, Frank's quote right there DOES make me think of him as a "winner" in the non-sarcastic use of the term.

I'd rather the government get out of everyone's way, to allow them to take care of themselves.

 

Apparently, you'd prefer the government write them a check.

 

BUT, if you'd rather refer to the autoworkers as 'welfare recipients' (per Barney Frank's example), then that is certainly your prerogative.

[Critic]

It's basically turning into another Civil war or soon to be. N vs S. Republican S. vs Democrat N.

 

South Carolina governor to Bush: Auto aid 'great mistake'

 

South Carolina is home to BMW's only North American factory, one of the largest employers in the state with 5,000 workers. The state lured BMW with $130 million in incentives in 1992 and supported its expansion with a $103 million deal in 2002.

One of South Carolina's two Republican senators voted against the $14 billion rescue plan for GM and Chrysler last week, while the other did not vote.