It Happened

[d-ray657]

Originally Posted by Twodogs

Here's just a quick explanation. I have to head to work, but will be happy to provide additional info as needed when I return.

http://www.city-journal.org/html/10_...on_dollar.html

It's clear from the rhetorical vocabulary in that piece that it is a neutral unbiased reporter of unquestionably accurate facts and analysis. And I'll be receiveing an award from the Chamber of Commerce next week.

Regards,

D-Ray

[Charles]

Originally Posted by piece-itpete

You'all may be interested in Frontlines' 'The Warning', about a whistleblower who was ignored by Clinton, who allowed the derivatives market to be unregulated, the root of the banks close-to-failing (by their consensus anyway).

And yes, they make it clear it was Clinton. Although to be fair Bush didn't change it either. And then Obama still has Geithner and Bernake.

Pete

Well, Mr. Pete...what exactly is your point? That there is plenty of blame to go around?

If that is your point, Sir...then I concur. 2nd place goes to the Dogman on bringing up the CRA. And credit for mentioning the repeal of Glass-Steagall goes to Rob. Since I don't want to retype this paragraph, I'll just give all of you a tie for 1st place...and a Nobel Prize in Economics to boot.

Now Noon, ol' buddy, please don't try to paint me as someone who wishes to roll back the child labor laws. The situation is so complex that I am unable to express myself fully in a couple of sentences, or even a couple of paragraphs. Besides, I am hardly an authority on this subject.

As much as I dislike government regulations, I will concede the point that a certain amount of them are necessary. But there are good regulations and bad regulations. And I consider the CRA to be a bad regulation.

I'll make a quick point and then butt out.

Several months ago I was talking to my banker and I asked him, "Why in the hell are the banks making no money down loans which exceed the appraised value of a property, with payments which won't even cover the interest, to people who don't have enough credit to buy birdseed for a kuku clock. But when I walk in the door, all I can get is 80%, and they look up my ass with a telescope. I have to furnish three years of tax returns, a statement of my net worth, plus a cover letter from my accountant which says I'm not lying...to the best of his knowledge. Like he would know."

And this is what Joe told me.

"It's the mortgage brokers who do that. By law, we can't. And I'll tell you something else. By law, we can only loan 80% of either the appraisal or the selling price...whichever is lower."

Since I'm hardly a Master of the Universe, please don't ask me to explain the nuances of this. I'm just telling you what he told me.

And I did build a house for some people who got their financing from an out of state internet mortgage broker, or whatever he actually was (Goddamn crook if you want my honest opinion)...it was a learning experience. In the future, in a situation like this, I will advise my customer that if they can't get a conventional loan at the local bank, then they can't afford to be building a new house. More than once. I could go on about this, but I'll cut to the chase.

I agree, we do need regulations. But the right ones, not the wrong ones.

Chas

A little icing on the cake. As I was typing this, I had a call come in from a "West Asst Mgt" (bill collector looking for one of my employees that should never had money loaned to him in the 1st place).

The message goes, "If you wish to hear this message in English, press "1" now."

Not sure how this call fits in with what I've been saying...but it fits in there somewhere.

And before you ask Noon...it is 4:00...even here.

[Charles]

Originally Posted by d-ray657

It's clear from the rhetorical vocabulary in that piece that it is a neutral unbiased reporter of unquestionably accurate facts and analysis. And I'll be receiveing an award from the Chamber of Commerce next week.

Regards,

D-Ray

I looked at the article, I I believe that it is factual. Not the 1st time I've read this.

While I'm guilty of the same thing, poking a sharp stick in the other guy's eye doesn't lead to a civil discourse.

Look beyond your agenda, it's a big world.

Chas

[noonereal]

Originally Posted by Charles

I agree, we do need regulations. But the right ones, not the wrong ones.
.

As usual we are closer to agreement than it seems on the surface.
If it were not so cumbersome to go into detail in such an exchange I'd bet we could even agree on how things ought to be run.

But then who would be wise enough to adopt our decree?

[Charles]

Originally Posted by noonereal

As usual we are closer to agreement than it seems on the surface.
If it were not so cumbersome to go into detail in such an exchange I'd bet we could even agree on how things ought to be run.

But then who would be wise enough to adopt our decree?

Face it, we have more in common with one another than we will ever have with"the powers that be'..

Gottta go...I have run out of gas.

Good today, and a better tomorrow.

Chas

Know what, Noon, it for sure is 3:00 AM somewhere...at least in Moniteau County.

Audios compradre,

Chas

[d-ray657]

Originally Posted by Charles

I looked at the article, I I believe that it is factual. Not the 1st time I've read this.

While I'm guilty of the same thing, poking a sharp stick in the other guy's eye doesn't lead to a civil discourse.

Look beyond your agenda, it's a big world.

Chas

Chas, You make a good point about my knee jerk reaction.

Even expressed in a more civil manner, however, I believe it is fair to say that the rhetorical stance of the article diminishes its credibility.

As a debating strategy, I usually find it more effective to cite sources that have credibility with the person expressing the opposing viewpoint. Two of my four brothers serve to balance our family's political landscape with respect to my Lefty New York City brother and I, with our Missouri brother sitting at the fulcrum (see, trying to win points with my audience). In any event, I have prevailed in a discussion or two by citing material from the National Review.

Back to the topic; while there is plenty of blame to spread around for the economic crisis, greed appears to be the biggest culprit (with over-consumption running second).

Regards,

D-Ray

[merrylander]

Chas your banker hit the nail on the head - mortgage brokers - and I do believe we are the only country that has them. We may also be the only ones who use Title companies. When I bought the house in Ottawa I went directly to my bank to get a mortgage, no title company (or insurance) was involved, closing costs $600.

When we got this home here in Glenwood, we first bought the land, then had the house built, between the mortgage brokers, title company etc. closing costs $22,000. Our system here was designed by thieves for thieves.

[Charles]

Originally Posted by d-ray657

Chas, You make a good point about my knee jerk reaction.

Even expressed in a more civil manner, however, I believe it is fair to say that the rhetorical stance of the article diminishes its credibility.

As a debating strategy, I usually find it more effective to cite sources that have credibility with the person expressing the opposing viewpoint. Two of my four brothers serve to balance our family's political landscape with respect to my Lefty New York City brother and I, with our Missouri brother sitting at the fulcrum (see, trying to win points with my audience). In any event, I have prevailed in a discussion or two by citing material from the National Review.

Back to the topic; while there is plenty of blame to spread around for the economic crisis, greed appears to be the biggest culprit (with over-consumption running second).

Regards,

D-Ray

You have a brother that left Kansas to settle in Missouri? Not that long ago that would have been considered an act of treason!!!!

Have a good day,

Chas

[d-ray657]

Originally Posted by Charles

You have a brother that left Kansas to settle in Missouri? Not that long ago that would have been considered an act of treason!!!!

Have a good day,

Chas

Nah, he moved from Oklahoma to St. Louis some 40+ years ago. I moved from Oklahoma to Kansas, work in Missouri and have crossed the state line regularly for the last 21 years. Missouri gets more of my income tax dollars than Kansas does. Also have bros in Texas, Seattle and NYC. I think that makes us a cosmopolitan family.

Regards,

D-Ray

[Twodogs]

Hmm, I wonder what Pipefitter scale will end up being in the new America? Hell, maybe I "should" be backing this Prez??