[lindy]

"Dad",

It seems that your facts that you cite are "accurate" but very slanted.

Deregulation in the financial industry, which began ten years ago lead to a near collapse of the worlds economy.

You imply that because nobody was looking it's ok to take what's not yours? So it was the SEC's fault for not catching crooks such as Madoff? I would argue that the cause of the collapse was greed, lack of integrity, and lack of personal responsibility.

The founder of an investment banking firm in the Midwest and a securities lawyer have been warning me of the disaster for 10 years.

Yes but you (wrongly) imply that Bush caused it.

(source)

former Wall Streeter Robert Cox noted that “in response to political pressure at the time, the GSEs took steps to make homeownership more affordable for lower-income Americans and those with a poor credit history.” Those steps encouraged riskier mortgage lending by minimizing the role of credit histories in lending decisions, loosening required debt-to-equity ratios to allow borrowers to make small or even no down payments at all, and encouraging lenders the use of floating or adjustable interest-rate mortgages, including those with low “teasers.” Home ownership rates soared to historic highs and all was well as long as home prices increased and lenders could comfortably convert floating-rate mortgages to fixed-rate obligations. Then home values declined. Lenders foreclosed when buyers missed payments as adjustable mortgage rates increased. When the mortgage-backed securities plunged in value as a result, Fannie and Freddie turned to Congress to cover the losses.

The reference to political pressure is mostly likely the 1997 VA/HUD appropriations bill:

A centerpiece of federal housing efforts has been the FHA loan program run by the Department of Housing and Urban Development (HUD). This mortgage program has helped numerous first-time home buyers overcome obstacles that would have been insurmountable under conventional mortgage programs. With lower down payment requirements, lower asset requirements and looser credit standards.

The kicker about this bill was:

The bill cuts public housing funds by $515 million relative to last year, an eight percent cut. The bill also provides $185 million less in public housing operating funds than the Administration requested, choosing instead to fund this account at the FY 1999 level that is widely acknowledged to have been inadequate.

The bill fails to fund any of the 100,000 new Section 8 housing vouchers that Congress authorized as part of last year's public housing reform act. Housing vouchers help low- and moderate-income families, including elderly, disabled and working families, afford apartments that they locate in the private market.

Can't afford an apartment? Heck, just go buy a house! But the poor didn't want to live in a crappy house so why not buy one that was recently "flipped"! HGTV will show you how to flip a house and the profits will be TAX FREE!

"The big news for home buyers and sellers in 1997 will be President Clinton's campaign promise to eliminate the capital gains tax on home sales for profits below $250,000."

The Iraq war turned into a cluster fuck! If you questioned it todays screamers said you weren't supporting our troups.

Please clarify the Charlie Foxtrot you ref'd above. Some say the goal was regime change. Others say the actual goal was create a jihadi killing field; a place where Islamic fascists would gather to die so they wouldn't come here. Dunno.

We passed one of the largest violations of our rights in history called The Patriot Act

Have you actually read it? There's even a section on myths. Please expound how our rights have been violated by this Act. If the USG wants to look at my library books, internet use, etc, I say have at it. As part of my agreement with the USG, they're already looking at my medical records, credit report, banking records, etc.

The Patriot Act and if you questioned any part of it you were a traitor.

I would suggest a slight change to "...if you questioned any part of it you were misinformed."

And there are plenty of people in this country who are willing to be blindly led

Research is the key to prevent this. I learned very early on to find 3 sources, two of which would be opposing viewpoints, then compare and contrast. Then go with your gut...or you could wait a few months and then make a decision based on which decision will make you more popular.

So NOW the screamers decide to scream! Why not 6-7 years ago?

Because 6-7 years ago, my kids, my unborn grand-kids, and I weren't paying for my neighbor's house, car, and soon his new refrigerator...oh, and ultimately his damn medical bills. I have worked to pay for the stuff I have and expected NOTHING to be "given" to me. Is that the same now? Want to refi your house but underwater? If you're current on payments, tough. Miss a couple and over extended on credit cards, car payment, etc...well, come on down!

Race? C'mon man! A weak argument point often used by those who cannot justify a logical opposing viewpoint!!! Unless you're talking about the 2012 Presidential Race, then yes: It is about THAT RACE!!!

I suggest you research the political affiliation of the leaders of the following cities:
Detroit, Buffalo, St. Louis, Milwaukee, Philadelphia, and Newark (hint: all share Democrat "leadership").

Then research the poverty rates of those cities.

Yes, I too hope the Democrats fail. I don't want to live in a country where that type of leadership is accepted as the norm. (oh damn...I just wrote that and I read one of Richard's posts today. I'm on the list for sure now.)

Lindy