On a side note about 2000-2002 as you pointed out many from the Clinton administration were up to their necks in the problems at Enron, Global Crossing, etc (even calling regulators on their behalf to tell Bush administration people to lay off), I also think going after Microsoft was ill advised and contributed to the fall. But both of those are far different issues.

“It’s hard to admit that the educated, informed, endowed people you thought were good people turned out to be sleazy con artists.”

Since when do you know who I put my trust in ?

Its not so much the con artists as it is people who wanted something for nothing.
You are trying to confuse the facts only so you can get up on your righteous pulpit and act like you’re talking down a case of racism here.
Give it a rest.
A lot of these people werent so misfortunate as much as they were greedy.

Yes, poor people, most of which happen to be minorities do so as a matter of fact are more tempted to take advantage of deals that are too good to be true.

Thats life, get used to it.

They buy cheap foods that cost them their health later. They buy cheap cars that blow up or cost a fortune in maintenence, they borrow money at ridiculous rates because they are of limited income and a higher risk.
And they buy motgages that have open fluctuating r adjustable rates.
Which as any half wit knows rarely if ever go down.

No one is saying that their predicament is their fault, but only to a certain extent.
I’ve been poorer than dirt and did just fine without a bailouts and dumb risk.
Trust me, if anyone lived in poverty for years it was me.

Priorities got me straight.
And what we see happening is a result of people with bad priorities.

Try you race baiting over sensative cheap typical lib ploy on someone else.
I aint buyin it here.

Besides that.
You never answered to your hypocrisy in suggesting that its “rumored” that F&F were being prejudiced because the GOP was pulling the strings ?

There you go again.
Saying that race was the cause.
The GOP instructed F&F to withold on the minorities.
Good for you that you threw in that little clause saying its a “rumor”
But you know what ?
I wouldnt put it past you to believe it. Because libs are the first ones to start screaming racism everytime the slightest hint of ethnicity comes up.

You’re the one who should quit while you’re ahead, as you’ve already contradicted yourself into hypocrisy and spoke outta both sides of your head

JMJ

Thats exactly what I said you were doing, right here, read it again;

“I dont see how you get me supporting racist lies into this unless your arguement is so weak that its all you got.”

I dont need anymore proof when its evident that the whole purpose behind Freddy and Fanny was to cater to those who have a harder than average time getting into a house.
Which as a fact are minorities which as a fact are more prone to financial difficulty which as a fact are more tempted to take a deal thats too good to be true.
The fed was obligated to help Fanny and Freddy since it was the fed who initiated the whole institution with the purpose of helping less fortunates.

But, you cant sit there and accuse me of supporting what you think is not true when at the same time you come out and say that its “rumored” that F&F were being prejudiced because the GOP was pulling the strings ?
Is that accurate ?
I mean jeez, you even said yourself it was a rumor.

I dont think its too far a stretch to think that the fed said “well, we know this caliber of client is risky, but go ahead anyway. If your bottom falls out we’ll help you”

And its most certainly not racist !
That accusation by you guys is getting awfully thin and weak and only creates problems for the left as race mongers.

Lets not forget that I’m well aware of poor white folks who are subjected to many of the same problems as minorities.
Its just a fact that most of the failures are within minority households and communities.
Sadly, because still, thats where the majority of poverty and lower incomes reside.
So spare me the race crap. I’m just dealing with the facts.

JMJ

Like I said, the pressure was there since FDR introduced Fanny Mae.
Not directly, but who else would of taken advantage of the lowered requirements of Fanny and Freddy.
Rich whites ?

No, its not “above me” to fall for it.
Its beneath you to not accept the reality that people who couldnt afford what they signed up for had to foreclose.
And that the majority of those people were minorities of low income.
Who else would fanny and Freddy be attractive to besides them ?

I have nothing against people who are in low income brackets or minorities.
But like Eric said; Freddy and Fanny took insane risks.
I believe minorities with insufficient income were that risk.

Its like the loan shark.
Hes dumb for loaning to someone he knew couldnt pay it back. Instead of him going to jail and the client loosing his house.
I have to pay extra taxes to bail them both out.
Ignorance and stupidity are getting rewarded at my expense.

On another note, I feel the same way about AIG.
I hold an auto ins policy with them.
Now I have to pay more taxes to them be bailed out ontop of making a larger monthly payment to help them pay off the fed loan.

JMJ:
“If anything, there has been widespread rumors that the F@F were prejudiced against minorities during the GOP years, not the other way around. ”

You accuse me of supporting racist lie and then you ramble off a statement like that ?
RUMORS ???
You’re talking out of both sides of your mouth and being a hypocrite

http://www.sptimes.com/2004/04/04/Perspective/Is_Fannie_Mae_softwar.shtml

http://www.socialfunds.com/news/article.cgi/179.html

http://online.wsj.com/article/SB122162063022546651.html?mod=googlenews_wsj

Get real.

Fannie and Freddie did try to assist minorities as most minorities fall under what they call the “secondary market.” Just the same, most mortgages in all markets belong to white people. If anything, there has been widespread rumors that the F@F were prejudiced against minorities during the GOP years, not the other way around. And there is NO evidence whatsoever that there was pressure to make loans to uncreditworthy consumers. It’s a sleazy, racist lie and it should be above you to fall for it.

JMJ

Fanny was set up in the 30s by FDR for the sole purpose of catering to lower income minorities so they could get into homes.
The risks were substantialy higher which is why it was government back company.
OK, fine, race has everything to do with it.
Because the majority of the people who took advantage of a company set up to help them were mostly minorities.

Can you put 2 and 2 together ?

Have you ever watched a Fanny or Freddy commercial ?
And you want to tell me that they are not inspired to cater to low income minorities ?
Thats why the government created them in the FIRST PLACE !!!