Oliver Willis

12 Responses to “Dow 9,447”

1. 1 j mccann
   Oct 7th, 2008 at 4:02 pm

   This is what happens when you strongarm businesses into giving loans to people that shouldn’t have them, and combine it with corporate greed.

   Think I’m wrong?

   Go ahead and force lenders to continue handing out mortgages to anyone that can breathe.

   The same thing will happen. Again. And again. And again.

   You have absolutely no understanding of this issue.

   You look ignorant and foolish.

2. 2 Duros Hussein 62
   Oct 7th, 2008 at 4:07 pm

   You look ignorant and foolish.

   BWAHAHAHAHA!!!

   Nobody got “strongarmed” mccann. they did it themselves and didn’t think they’d get caught.

3. 3 j mccann
   Oct 7th, 2008 at 4:21 pm

   the government stuck it’s nose in and (ahem) “encouraged” lenders to lower standards. this started back in the 90’s. when the bubble exploded, this is what we ended up with.

   seems that some of you are only interested in one aspect of what caused this mess. that is short sighted, naive, and won’t help anything.

   there’s plenty of blame to go around.

   in this case, greed and social engineering (although well-intended) caused this mess.

   this is a fact.

   your ignornace of this issue is astonishing.

4. 4 Quaker in a Basement
   Oct 7th, 2008 at 4:22 pm

   This is what happens when you strongarm businesses into giving loans to people that shouldn’t have them, and combine it with corporate greed.

   Who was strongarmed, mccann? And what percentage of the mortgages issued as a result of “strongarming” have defaulted?

   As you feel confident in judging who knows anything about the subject, I look forward to your expert commentary.

5. 5 jr
   Oct 7th, 2008 at 5:08 pm

   The boomerang of Hooverism

6. 6 datadave
   Oct 7th, 2008 at 5:24 pm

   I am glad j.mccain made an appearance here to show us his carefully constructed argument. It is one we need to investigate.

   Hmmmm, let me see? Fanny Mae is a ’secondary marketer’ of home loans…not the primary salesman of such loans….so how did the Govt. (Fanny Mae…which was mostly privatized by Republicans)? force the primary lenders to issue sub prime loans? (the govt. didn’t)

   Also remember “W” bragged about making Americans into owners…with higher home ownership early in his administration (actually more so then than now). Also “W” was the primary leader in this fiasco..with his MBA presidency.

   Fanny Mae is minor player actually in this present crisis as the vast majority of loans backed by Fanny Mae are good and the defaults are far less than the recent bail out. Fact is Wall Street has over leverage All securities with falsehoods with G “W” Bush’s blessing.

   And why aren’t Republicans mentioning G W Bush’s leadership and their support for his “MBA” Presidency?

7. 7 Quaker in a Basement
   Oct 7th, 2008 at 5:26 pm

   Some more questions for our resident expert:

   Are lenders still providing loans to subprime borrowers? If so, are lenders still being strong-armed into doing so?

8. 8 Duros Hussein 62
   Oct 7th, 2008 at 5:39 pm

   This nice lady, Pheonix Woman spells it all out for you, mccann.

   Read it and weep.

   Phoenix Woman
   Oct 7th, 2008 at 2:39 pm

   For the FOX News and dittoheads out there:

   # Fannie and Freddie didn’t issue bad mortgages
   # Fannie and Freddie didn’t package them into incomprehensible securities
   # Fannie and Freddie were private companies that had shareholder-elected boards of directors
   # 50% of subprime loans were made by originators that didn’t have any CRA review at all
   # Another 30% of subprime loans were made by institutions that had limited CRA review
   # CRA review had only one practical consequence: a limitation on mergers
   # Congress was controlled completely by Republicans from 1995-2007 (except for a brief period of Senate control by Democrats in 2001-3
   # The presidency was controlled by Republicans from 2001-7
   # The regulator of Fannie/Freddie, OFHEO, was an Executive branch agency
   # The problems at Fannie and Freddie were undercapitalization
   # The first hint of problems at Fannie and Freddie came in 2003, and had to do with inflating earnings, not with lending standards

   For more, go to
   http://bigpicture.typepad.com/comments/2008/10/misunderstandin.html#more

   and

   http://www.ourfuture.org/blog-entry/2008104001/cra-blood-libel

   I know, I know, it’s much more fun to be like Neil Cavuto and blame poor urban blacks for this. But hey, even Republicans have to deal with the truth without sugarcoating it with a comforting racism that falsely absolves their heroes (such as Phil Gramm).

9. 9 ed
   Oct 7th, 2008 at 6:06 pm

   Have the jmcann types (Republican mouth-breathers) labeled this as part of the Clinton Recession yet?

   Oh George Bush, Jr., why are you so unlucky?

10. 10 Sean D. Martin
    Oct 7th, 2008 at 6:17 pm

    jmcann: Think I’m wrong?

    Yeah, pretty much. Yes.

11. 11 Bruce Henry
    Oct 7th, 2008 at 6:49 pm

    Shorter mccann: Poor people deserve to live in shitty houses! My mom worked hard to provide this basement! No one should help those lazy-ass poor people! Especially not the gummint! Screw poor people!

12. 12 Hendrik
    Oct 17th, 2008 at 10:48 am

    Nobody is stronger even Republicans have to deal with the truth without sugarcoating it with a comforting racism that falsely absolves their heroes didn’t think they’d get caught.

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