Is horse chestnut wood good for anything?

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IOW, the very *regulation*

LOL. Didn't the The Gramm-Leach-Bliley Act change the regulators required?
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Robatoy wrote:

Not as regards to this issue, as best as I understand it. Gramm-Leach-Bliley allowed commercial and investment banks to merge which does not directly bear on the government forcing retail mortgage banks to give Wanda The Welfare Queen a mortgage for a home she could in no way actually afford.
Note that I am NOT defending the banks or insurance companies here. They acted stupidly and placed their faith blindly in a quant model that they never really shook out thoroughly. See:
http://www.wired.com/techbiz/it/magazine/17-03/wp_quant
But there is a simple way to solve the bad banking decisions: Let them go under and let a healthier bank buy the assets at a discount in bankruptcy court. This is an orderly and well understood process we've used for a very long time to cleanup messes of this sort. First W, and now - in a hugely bigger way - Obamessiah are just delaying this kind of healthful market correction by their incessant market meddling and wasting all of our money. Unlike W, however, Obamessiah is doing this *intentionally* which makes him doubly scary...
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On Sat, 28 Mar 2009 17:51:50 -0500, Tim Daneliuk wrote:

Once again Tim, show us the legal requirement.
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Larry Blanchard wrote:

Who's "us"?
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Larry Blanchard wrote:

I'm not sure I understand the question. Please restate.
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On Sat, 28 Mar 2009 23:47:16 -0500, Tim Daneliuk wrote:

You answered the question in your prior post. Pressure, not a legal requirement.
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On Sat, 28 Mar 2009 16:17:56 -0500, Tim Daneliuk wrote:

I know you won't believe this, Tim, but the majority of defaulted loans were made by mortgage brokers thru non-bank finance companies. I don't recall the exact numbers, but I posted them here once before.
The banks problems were that they bough up the securitized mortgages believing the housing market would go up forever.
And then there's the speculators who simply walked away when the bubble started leaking. Or haven't you read about all the renters that are being evicted because their landlord bailed out?
Trying to blame the CRA just won't fly. It's been debunked too often. Can you show me language in that or any other law that requires lending to unqualified individuals.
And it wasn't the government that invented "liar loans" either.
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"Larry Blanchard" wrote:

Larry, you haven't blocked this idiot yet?
You disappoint me.
Lew
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Lew Hodgett wrote:

Poor Lew - in the absence of a coherent counterpoint, you go for the personal attack. Truly the sign of the absence of any real thought on your part.
Lew, if you will (privately) send me your snail mail, I shall send you earplugs so as to never hear a dissenting opinion ever again.
I may sometimes be wrong, and occasionally abrasive, but I assure you I am never an "idiot". Was it William F. Buckley who said words to the effect that liberals love to hear all other points of view until they discover there actually *are* other points of view ...
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Larry Blanchard wrote:

All of this is more-or-less true, but you're missing the point. The CRA created an *environment* or a *mentality* in which the bankers became comfortable with laying off risk to the public taxpayer while keeping the upside for themselves. Brother Obama has confirmed that this is, indeed, the case, by bailing their butts out of all the above.
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On Sat, 28 Mar 2009 23:48:56 -0500, Tim Daneliuk wrote:

And I'll give you the point that the banks caved in, although I doubt it was as extensive as you claim. Too many banks, including mine, rode out the housing bubble with few or no problems. But again, banks, even under pressure, didn't make most of the bad loans. Non-bank finance companies did and they were under no government pressure.
The banks lost more money buying those securities than they did on bad mortgages they made. And they also lost some money they loaned to the non-bank mortgagors.
And we haven't even discussed the hedge funds that also bought the securitized mortgages.
Mortgage brokers, finance companies, and hedge funds were all unregulated. Could the government have prevented a lot of the crisis with good regulation? Yes. Would they have crafted "good" regulations? That's open to question :-).
I noted the news last night stated that legislators of both parties are getting campaign contributions from executives of bailed out firms - the dance goes on.
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Larry Blanchard wrote:

I cannot think of any case in my lifetime where government regulation has been particularly effective in reducing fraud or stupidity. Regulation only works when the regulated are behaving in a sane manner ... in which case the regulation is largely unnecessary.

Exactly.
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Larry Blanchard wrote:

You really don't get it do you?
The CRA didn't have language in it that said, "you will loan to unqualified people". Instead, it used language about "fair housing" and "non-discriminatory lending practices". At that point, various groups such as community activists (ever heard of ACORN?) and the Janet Reno justice department began threatening civil and legal action against banks that did not meet "fair lending criteria". Those criteria used various things such as number of loans to various favored political classes as evidence of discriminatory lending practices. This, coupled with increasingly lowered qualification requirements promulgated by Fannie and Freddie served as the catalyst for both the bubble and the creation of the bundled securities. While lending institutions are not free of blame from this, they are not the root cause of the problem.
<http://www.allbusiness.com/personal-finance/real-estate-mortgage-loans/456805-1.html
<http://www.investors.com/editorial/editorialcontent.asp?status=article&id12766781716725&secid 01>
<http://www.usdoj.gov/archive/ag/speeches/1998/0320_agcom.htm Sure seems like government coercion at work.
In the beginning, the banks simply determined that the best approach was to roll over and take the losses (some of which were covered by taxpayers anyway) rather than deal with an ACORN lawsuit for every loan turned down.
Unintended consequences suck.

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Well Mark, I am certainly glad that you cleared this up for me. Any time a member of the conservative bloc finds the time and inclination to rise up on his hind legs and clarify the world situation, it is indeed a red letter day.
That said, this was an incredible collection of absolute drivel. The only thing more incredible than your astounding ignorance is your inability to rid yourself of it.
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On Fri, 27 Mar 2009 14:40:25 -0700, Mark & Juanita

This is complete bullshit and you are either a complete idiot or completely selfish. The latter is hilarious, because I doubt your net worth is anywhere near the level where any of Bush, the criminal's tax cuts would benefit you.
Yes, that's name calling, so sue me.
No one is advocating socialism. I certainly am not.

The funny thing is that the idiot right howls with righteaous indignation when skewered and then goes right on doing the skewering. How is tyhis statement not calling a whole group mindless (emotional) dolts? Hypocrital dipshit.

Let me guess. You are a big fan of Ayn Rand, right? You probably even named one of your kids John Galt, unless, thank god you are sterile and cannot reproduce more mindless dolts.

Citations, please, showing that this money was all spent on socialist programs (and you don't get to assign the label) and they are worse off than they would have been without that money.

An absolutely amazing pile of non-sequiturs and pure horseshit.
The gap between rich and poor in this country is getting worse. US corporations exploited the workers in absolutely immoral and obscene ways giving rise to labor unions. They then turned to raping the developing world for natural resources (including human resources). Now that the developing world is getting smarter, the corporations have turned to finance as a way to rape everyone. And your buddy, the criminal Bush, along with the entire congress (both parties) happily colluded in eliminating regulations to that hedge funds and derivatives, especially credit swaps, could rape the entire world economy.
Conservatives have opposed every kind of equality (racial, worker, gender) and still do.
Bottom line, you are an idiot and an asshole.
There, I'm done. I feel much better.
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Nucular Reaction wrote:

I am completely selfish and proud of it. If I worked for it (that is, I didn't steal or defraud to get it) it is none of your business how or where I spend it.

The Obamessiah is in everything but name. His Hopechangey administration is all about distracting people from his utter incompetence while he pays for the poor vote by stealing it from the middle class, all the while paying off the rich. Not terribly different that Soviet-era Russia.

Let me guess. You think you are smarter and more worthy to decide what happens with the hours of my life - and the product thereof - than I am. You are a petty tyrant.

cf New Deal, Great Society, Urban Renewal for starters. Then, go for a ride on Chicago's West side, LA Watts, NYC Harlem, or pretty much anywhere in Detroit, New Orleans, Baltimore, and good parts of Miami. Social spending has been a complete failure except for the very rare few.

This is arguable, but even if true, so what?

Your pharma is showing. This is irredeemable nonsense on pretty much every level.

It was *Republicans* that fought for, and passed, the racial equality laws of the early 1960s (and I am NOT a Republican) that the Dem president signed. The liberals of that time were largely closet racists.

You are still, however, illiterate in history, economics, and Reality, not to mention being rather rude.
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Tim Daneliuk wrote:

That should read: "The *Democrats* of that time were largely closet racists." e.g., Robert "KKK" Byrd (though there were plenty of others).
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Nucular Reaction wrote:

Lots of ad hominem, no facts or substance. Yep, you pretty much make my point, the left *feels*, it doesn't think.

Let's see, nationalizing banks, taking over auto companies and "suggesting" that the CEO leave, Turbo-tax Timmy pushing for the power to not only restructure bailed out institutions, but also to be able to take over any other companies that *he* thinks may be in trouble. Nope, no socialism there, uh-uh. You could be partially right, partial state ownership in this respect is pretty well closer to fascism, but then that's kind of a matter of degree.
... snip of more fuming that certainly reflects the nome de plume of this poster

This is one of those cases where one would think that the old engineering textbook caveat "the proof is straightforward and left to the reader" would be 5'th grade obvious.
... snip of more meltdown. My 2-year-old used to melt-down that way too.
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Or, until somebody proves the interpretation as being true. Maybe an earth wide average 10 rise in temperature might convince people. Or perhaps, a catastrophic 20' rise in the world's oceans might convince people. Are you so sure of yourself as to ignore the possibility of these things happening? If you are, then your decedents, god help them might well have to live their shortened lives knowing that arrogance killed them.
As to your bumblebee flying, scientists for thousands of years said that man would never fly. Time and a very few enterprising people proved them wrong. Only, flying isn't likely to end life of earth. It might in time however, move remaining life to another planet.
I don't know what is true as far as climate conditions go, I don't have knowledge or ability to do much about it. But, I do know that man is mostly a selfish, self involved animal and uses things up exponentionally. It maybe not now, but in the foreseeable future, unless man experiences a revelation, he *will* use up this planet. That's a certainty.
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IMaybe killer robots from Venus will descend on the Earth and vaporize us all with their lazer eyes. Are you so sure of yourself to ignore THAT possibility?
As for your "knowledge" about "man"... I think you're projecting.
Oh, dear... Now I'll be accused of being a "denier" again.
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