Glenn Beck arguing with idiots?

[edphillipdoles]

Just happened to look at Glenn Beck's website, and found an interesting link called arguing with idiot's. There is a transcript of him arguing with someone named Pat. Mr. Beck points out that banks are already have plenty of regulations, the FDIC, OTC to name a couple.

What Glenn Beck fails to tell anyone is many of the loan originators, who made the subprime loans that helped contribute to the housing bubble never fell under the regulations of any federal agency. They instead fell under state regulations, and where never once audited.

While I don't think Glenn Beck is an idiot, I do think he is very good at ignoring all the facts. Failure to learn from your mistakes, means you will likely repeat your mistakes.
most of the mortgage companies known as loan orginators were not considered banks to be regulated by the FDIC, or the OTC. The FDIC only regulates banks that have customer accounts.
Freedom - you must be talking about the CRA, that Carter first passed. The one that said a certein number of home loans must be made to people with less than perfect credit scores or credit.

Nothing was said about giving loans to people without verifying income, which was being done like crazy during the housing bubble.

Oh and Phil Gram was the one that added on the deregulation part to the budget bill.

Never said that Clinton didn't have blame in the housing bubble.
Fannie and Freddie - take a look at their criteria for buying loans before 2003 then at their criteria after 2005.

Not wanting to miss out on all the money being made they lowered their criteria to match wall street's

 

[mike hawk]

Hey Einstein, when you have two books (one hardcover and one paperback) on the NY Times #1 spot you can start your whining.
Until then, STFU.
Thank you.

 

[freedomwks]

While I don't understand all the nuances of high finance, I recently read that it was Bill Clinton who passed the law that tore down some wall between Wall Street and the banks.

It was also the Dims who created the first legislation that helped in the creation of Fannie Mae & Freddie Mac in their goal to assist every American to own a home, regardless whether or not they could afford it. It was Clinton who built on Carter's idealist dream.

It was organizations like ACORN who threatened banks if they didn't give loans to the poor to buy housing.

It was Bush who tried to have Fannie Mae and Freddie Mac audited and curtailed, anticipating out of control lending practices.

It was Barney Frank who scoffed and scorned Bush while declaring that those institutions were solvent and not a problem. Bush continued to press for oversight -- Frank continued to scoff.

When the bubble finally burst, Barney Frank blamed Bush. And the Lame-Stream-Media never delved into Frank's publicized statements from the past.

Oh dear.....I've done gone into a rant -- oh well, I'll stop now.