Obama II: What will the next four years hold?
The National Mall at sunrise, photo courtesy of blog poster Brosephus
Barack Obama was officially if informally sworn into office for the second time Sunday, but the formal, public ceremony is taking place today, on a bright, cold Martin Luther King Jr. Day, with Obama taking the oath on bibles owned by King and President Abraham Lincoln.
We’ll be live-blogging the rest of the ceremony ….
11:38 — A nicely done, dignified prayer by civil rights leader Myrlie-Evers Williams, a woman who has seen a lot.
11:41: With Sen. Schumer of New York as inaugural planner, it’s understandable that a Brooklyn choir is doing the “Battle Hymn of the Republic.” But really, a southern choir would have done it righteously.
11:47 Taking his oath, Biden’s just repeating what Sotomayor is saying. Didn’t he get in trouble for that once?
11:51: Obama takes oath, with one small stumble certain to cause comment among a few. The Capitol looks resplendent.
11:58: A call from Obama to the necessity of joint, unified action. “My fellow Americans, we are made for this moment, and we will seize it if we seize it together.”
12:03 “Social Security, Medicare … do not make us a nation of takers”
12:04: A call to action on climate change. The first real news of the day, committing to a second-term goal.
12:08: A strong embrace of gay rights, equal respect, immigration reform … a broadening of the American family.
12:10: “We cannot mistake absolutism for principle.” I suspect that was directed to some Dems as well as Republicans.
12:12: A relatively brief address by the president, with talk of national unity and purpose interspersed with indirect if sharp reminders of issues that divide us.
12:20: A rather prosaic effort by poet Richard Blanco.
12:31: But a stirring version of the Star Spangled Banner by the lovely and talented Beyonce to close the ceremony.
– Jay Bookman
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937 comments Add your comment
Jackie
January 21st, 2013
3:48 pm
Information about the role and effects of the CRA
http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=4136
Adam
January 21st, 2013
3:49 pm
Class of ‘98: Adam, you clearly have no experience in how underwriting mortgages works.
Personal experience does not trump statistics. Congratulations on committing the logical fallacy of the anecdotal example.
Keep Up the Good Fight!
January 21st, 2013
3:49 pm
Is there a sunspot today? Sunspots have been identified in one recent study as being a contributing factor in ODS flareup.
Class of '98
January 21st, 2013
3:50 pm
The credit default swaps went bad when the bad mortgages failed. It’s simple. If the mortgages were sound, the credit default swaps would have been sound as well.
Adam
January 21st, 2013
3:51 pm
Class of ‘98 contends that while underwriting mortgages he feared for his life that a lawsuit would ensue if he did not make sure that poor people who couldn’t afford a mortgage were lent to.
There’s a word for that: WIMP
If what you say is true, then YOU are the cause of the housing crisis and should be very, very ashamed.
Jm
January 21st, 2013
3:53 pm
Class
Libs have no clue
Lesson #1
Don’t bother trying to educate them
They don’t learn
Welcome to the Occupation
January 21st, 2013
3:54 pm
Class of ‘98: “The credit default swaps went bad when the bad mortgages failed. It’s simple”
But why did credit default swaps exist in the first place?
Jackie
January 21st, 2013
3:54 pm
@Class
Clearly, your information about credit default swaps is lacking.
If you will look at the title, they will tell you they were intended to be a form insurance for default on loans made by lending institutions. AIG provided “insurance” for the loan contract and they did not have the reserves the back up the loans.
UNCLE SAMANTHA
January 21st, 2013
3:54 pm
Adam
January 21st, 2013
3:39 pm
UNCLE SAMANTHA: do the math………………. when the wave of baby boomers hits medicare…………… and the lack of NEW primary care physicians worsens with retirements of existing doctors………………. then the reduction of payments to doctors for medicare…………. we have a predictable outcome for healthcare…………..
And your solution is to privatize it or let them die?
——————————————————————————————————————————————
my solution is to have an HONEST talk about the complex issues involved and not have emotional reactions based “solutions”
neither you nor I nor anyone has the answers……….. but we should at least talk about the issues and come to some consensus as a nation
an example
spending millions of dollars to prolong the lives for 6 months of senior citizens who have terminal illness…………. we spend alot of money to give 6 months of NOT SO QUALITY LIFE……… with millions of baby boomers coming on board we need to be HONEST and MAKE DECISIONS about this process and where to go moving forward……… bean counters will tell of the tremendous amount of money this will take from Medicare since its an OPEN-ENDED entitlement
TBS
January 21st, 2013
3:55 pm
Jm
Tell us about the “held back” foreclosures before the election.
Probably not the biggest TALL TALE you have made on this blog, but surely one of the best…
Doggone/GA
January 21st, 2013
3:55 pm
“The credit default swaps went bad when the bad mortgages failed. It’s simple”
Nope. they went bad when investors found out the ratings on them were artificially inflated because no one had bothered to check if the loans were good or not.
Adam
January 21st, 2013
3:55 pm
Jm: Cons have no clue
Lesson #1
Don’t bother trying to educate them
They don’t learn
FYT. Wasn’t even that hard to do.
BTW, your Psychological Projection is showing again. I mean, it’s nice that you’re so self aware that you can analyze yourself that easily, but you are experiencing a psychosis attributing it to everyone else. Get help.
stands for decibels
January 21st, 2013
3:56 pm
Don’t bother trying to educate them
They don’t learn
Remind me next time I’m considering the ins and outs of the US automotive industry to listen solely to some guy who worked selling cars for a few years after graduatin’ college.
Class of '98
January 21st, 2013
3:57 pm
I can look up a million stats about ice hockey. That doesn’t mean I understand it.
Fannie Mae issued guidelines on approving a loan. As long as we adhered to these rules, they were happy. Everybody was happy. Deadbeats didn’t get (immediately) foreclosed, liberals were self-satisfied that the government “helped” people, and I cashed big commission checks.
Only when the deadbeats stopped paying their loans did the house of cards collapse. Don’t blame me, blame the omnipotent government you worship so much. It was their fault.
Veteran Observer
January 21st, 2013
3:58 pm
The president will accomplish NOTHING just like the last four years, because he doesn’t understand our system of government! We have a checks and balance system which he would like to dictate to and cannot work with as it means COMPROMISE! He has succeeded in the only thing he knows anything about and that is winning elections. It is very sad that we have elevated such a failure to our highest office and in the future we will speak of him rarely as we do of Mr. Carter. I hope he learns how to do his job, but I doubt it highly! We are all poorer for the experience of his presidency! It is a very sad day in America!
Adam
January 21st, 2013
3:58 pm
UNCLE SAMANTHA: my solution is to have an HONEST talk about the complex issues involved and not have emotional reactions based “solutions”
neither you nor I nor anyone has the answers……….. but we should at least talk about the issues and come to some consensus as a nation
I agree with this, but I think the right wing prescriptions so far are WAY off base, and do not even come close to approaching your suggestion of talking about it seriously. To be fair, any on the left who want to leave it “as is” suffer a similar problem.
TBS
January 21st, 2013
3:58 pm
Going out for a jog. By the time I get back, I’m sure Jm will have backed up his “held back” foreclosure assertion as soundly and factually as he did when he made it
peace
Jm
January 21st, 2013
3:59 pm
Adam
Are you trying to write?
Keep Up the Good Fight!
January 21st, 2013
4:01 pm
Class, who did you work for and are you willing to testify about your superiors forcing you to make loans that people really were not qualified to get. Any number of shareholder attorneys and city attorneys have or are considering legal actions. So, being the stand up character you are (right?), you would be willing to testify to support those who lost their homes when the bubble popped while you and others profited.
Adam
January 21st, 2013
4:01 pm
Class of ‘98: Only when the deadbeats stopped paying their loans did the house of cards collapse.
Except that is NOT what happened. The bubble happened first, which overinflated the mortgages, etc etc. And as I have shown, Fannie had very little to do with the overall problem, and actually had a great number of mortgages that were good, especially compared to the lending practices of the unregulated private lending market. All this is in the articles I posted that you immediately dismissed because somehow your anecdotal evidence means more.
And yes, it is QUITE clear that you don’t understand the statistics.
Jackie
January 21st, 2013
4:01 pm
@Class
Look up the statistics as to what percentage of sub-prime loans defaulted.
I think you will come up with 4% as the number and we all should realize that 4% of anything will not cause the other 96% to fail.
Keep in mind, this is only 4% of the sub-prime housing market, not the entire economy.
Jm
January 21st, 2013
4:03 pm
“And as I have shown, Fannie had very little to do with the overall problem, and actually had a great number of mortgages that were good”
Clearly.
That’s why they didn’t have to be taken over by the government.
Oh wait.
Liberal stupidity again.
Jackie
January 21st, 2013
4:05 pm
@Veteran
How can anyone in our system of government dictate to the other branches when they are all designed to keep an eye on each other?
If the House votes for a spending bill, they only choice the President has is to veto it, or sign it into law if his veto is overridden.
Adam
January 21st, 2013
4:05 pm
That’s why they didn’t have to be taken over by the government.
LOLOLOLOLOLOLOLOL
Wow, Jm. Just…. wow
Mick
January 21st, 2013
4:06 pm
Yes, class you are correct and which administration and house of representatives were at the helm of loose regulation and the ownership society? Republicans.
jm
Please list all the things rick the disaster scott has done to improve florida’s economy?
UNCLE SAMANTHA
January 21st, 2013
4:07 pm
y’all need to ready MANUFACTURING CONSENT
the left and right squabble while those in power have done a SLIGHT OF HAND
no one is questioning what the FED is doing………. they are buying $40 billion of mortgage backed securities per month
THINK ABOUT THAT
these are the ITEMS that got is the financial crash with credit default swaps………..
we THOUGHT with TARP that the BIG BANKS would right these down and take the loses and move forward………….
WHAT IS REALLY HAPPENING………. is that they NEVER got rid of them……….. they are “SELLING” them to the FED which is the BANK OF THE BIG BANKS……………. now they can take them off their books and not incur LOSSES……………. instead the FED is holding them and WE DONT KNOW WHAT THEY ARE DOING WITH THEM………… but we do know that the AMERICAN TAXPAYERS are LIABLE for these TOXIC ASSETS
BAMBOOZLED
TaxPayer
January 21st, 2013
4:08 pm
So basically, class of ‘98 is sad because he lost his job selling mortgages to people that he knew could not afford them. Awwww. That’s so sad.
Not really.
Woody
January 21st, 2013
4:10 pm
The task of the new Millennium, of which the next four years are a part, is to collaborate. Unfortunately, no one told us how to do that.
UNCLE SAMANTHA
January 21st, 2013
4:12 pm
Adam
January 21st, 2013
3:58 pm
I agree with this, but I think the right wing prescriptions so far are WAY off base, and do not even come close to approaching your suggestion of talking about it seriously. To be fair, any on the left who want to leave it “as is” suffer a similar problem.
===================================================================
that is why MIDDLE CLASS AMERICA will have to stand up and put both PARTIES in their place…….but unfortunately it won’t happen until pain is felt
Alex
January 21st, 2013
4:14 pm
strange, MLK day turns into an inauguration..If I understand correctly the new president must be inaugurated before the 20th of Jan. but this president does it on MLK day, arrogant and self serving..Same as the last 4 years..let’s just get back to work, off the golf course, no vacations, go mee the new premier of China..get over yourself…you serve the entire country not just the 20-odd % that voted for you. You’ve got some capital..The debt must be delt with , learn to work with others and quickly, by this time your staff is composed of 2nd and third teamers–work to do!!
Dole had it right: the shortest line inDC is between Schummer and a TV camera.
@ Jackie, Just plain wrong, read about the recession, read Silver’s book, read too big to fail, read “how markets fail” read anything, but just read… it will do you well……
indigo
January 21st, 2013
4:14 pm
You cons are going to be beside yourself until we “get back to normal” and have a white man in the White House.
Don’t bother trying to deny it.
Keep Up the Good Fight!
January 21st, 2013
4:14 pm
Taxpayer, well that was when they were not disqualifying people for Prime loans and forcing subprime loans on people who were qualified for prime loans so that they could make more money.
Then there is the whole MERS fraud plan.
But sure, its the homeowner’s fault.
Jackie
January 21st, 2013
4:14 pm
@Uncle
The Fed is NOT buying credit default swaps; they are buying mortgage-backed SECURITIES, which investors are buying.
http://www.nbcnews.com/business/economywatch/fed-buy-more-debt-effort-boost-sluggish-economy-997168
Charles Douglas Edwards
January 21st, 2013
4:15 pm
The United States of America is the strongest nation on earth !!!
The next four years will bring challenges including some that are not yet known.
If history is any indicator America will emerge a stronger and better nation.
May God Bless the United States of America and President Barack Obama.
Jackie
January 21st, 2013
4:15 pm
@Alex
Please tell me what I am wrong about.
Welcome to the Occupation
January 21st, 2013
4:15 pm
Veteran observer: “The president will accomplish NOTHING just like the last four years, because he doesn’t understand our system of government! We have a checks and balance system which he would like to dictate to and cannot work with as it means COMPROMISE”
That’s really so humorous I don’t really know quite where to start with it.
This president, knowing nothing of COMPROMISE?
And what planet are you on again?
Redcoat
January 21st, 2013
4:17 pm
nothing good for 4 years, but great news for Dems/Libs, it doesn’t matter . it’s always the conservatives fault!
Jackie
January 21st, 2013
4:19 pm
@Alex
If I were you, I would read more about how things are and not the way you want them to be. President Obama was sworn in yesterday with today only being a ceremonial ceremony.
Secondly, reading the information you cite only proves that you have not read for content
Jack ®
January 21st, 2013
4:19 pm
Obama’s 2nd term will be even better than the 1st. But I’m wondering how he’ll top walking on water.
Adam
January 21st, 2013
4:19 pm
but unfortunately it won’t happen until pain is felt
I disagree. I think middle class america IS standing up but the corporate backed “representatives” aren’t listening.
Alex
January 21st, 2013
4:20 pm
@ Indigo, absolutely wrong to me, your a biased racist who can’t see beyond your racial views, plain and simple, you find solace in a left winged blog which supports your racist views. Un fortunately by insulating yourself with like-minded racist you begin to believe that your thoughts are the signal (truth), they are not they are noise. A common malady with the biased web sites available to any individual with a laptop. Your cave may be warm but it’s dark and stagnant…
Jackie
January 21st, 2013
4:21 pm
@Welcome
I am on the same planet as you.
Explain what compromise means when it comes to what the House votes and the President signs?
Your expertise is needed.
Mr Right
January 21st, 2013
4:21 pm
Please list all the things rick the disaster scott has done to improve florida’s economy?
Please list all the things Obama did to improve Americas economy. Oh and whatever wasn’t good was somebody else fault
Gale
January 21st, 2013
4:22 pm
Uncle Samantha, while we are having the conversation about elders getting medicare for a few months of life sustaining when the life will end anyway after much suffering, we also need to have that conversation about children with diseases like cerebral palsy, for one. Should taxpayers pay for these? These are among the very unpopular proposals that no one wants to discuss.
Alex
January 21st, 2013
4:24 pm
@ Jackie, there should have been NO ceremony AT ALL today! as for the 4% taking down the economy, and what a relatively , I say relatively small number of mortgages do to a highly volatile and leveraged economy built on the sifting sands of sky rocketing home prices.. Content to walking on water, join indigo in the cave….
rightwingextreme
January 21st, 2013
4:31 pm
Jay
January 21st, 2013
1:37 pm
That is just so pitiful, “uncomfortable.”
Just downright pitiful. From the speech:
“… a little girl born into the bleakest poverty knows that she has the same chance to succeed as anybody else, because she is an American, she is free, and she is equal, not just in the eyes of God but also in our own.”
Sorry…..but I’m not buying his rhetoric…..The odds are that this little girl would be aborted in Obamaland.
The Democrat Party is the party of DEATH.
Jackie
January 21st, 2013
4:31 pm
@Alex
What makes you think that we should fore-go tradition and ceremony in inauguration of the President?
Highly volatile and highly leverage economy economy is the way our economy has always worked. What do you think the stock markets and bond markets perform in providing business with economic leverage?
Home prices rose on speculation, which meant those that sold the homes assumed that prices would always continue to rise, not on sound business principles.
creative
January 21st, 2013
4:31 pm
You people are hilarious. I love it when Libs and Cons hate each other and call each other names. It’s also funny reading your arguments about certain issues. I love America. Keep it up people. I am sure there are some sane people reading these things that get a good chuckle out of all the hatred the you all have for each other.
Dawg'88
January 21st, 2013
4:32 pm
My anger and frustration is not that this man is president….its that all he stands for is immoral. Just because the country has “moved on” and accepted his being president and the way things only means that those who live for the world and are only of the world chose immorality instead of living the life that God intended.
Those of us who try to live by Christ’s standards were not “weined on vinegar”….we were weined on the Natural moral law that Jesus taught and commanded. Saying ugly things by those who dislike Obama is wrong as well. What is true though is this.
No matter how many times you want to shove this man’s ideology down our throats as being ok…it doesn’t make it right. You can spin and explain your way around the Truth but a lie is still a lie and and things that are morally wrong are wrong no matter how many times you try to convince yourself that this man is good for this nation.
This is a man who spits in God’s eye daily. He supports everything that is wrong and immoral about society. Look no further than two points:
1) He is ok with the debt and the debt ceiling being raised. This after he publicly called Bush irresponsible for the same things. He’s a hypocrite. Now its ok. He said that Bush was crippling the future generations. But no its ok. You know what is crippling future generations? See point 2:
2) He is for abortion at any stage of pregnancy. He supports the dismemberment of God’s innocent children. Don’t spin it any other way….abortion is the tearing apart of a baby…limb by limb and then discarding them in trash bins. This man fights for this. He says that he wants limited abortions. Well what better way to do that than supporting the right for a mother to see a sonogram. He is against this too.
When the children were killed in Conn., he said that if we have the abiltiy to save one life…then we have an obligation to do something. Well, he should put his money where his mouth is. How about saving 1,000,000 children killed by dismemberment by their own mothers. Do something about that!
He stands by an organization that was founded on racism…Planned Parenthood. They are responsible for his reelection. He receives millions from them. They say its about “reproductive health”…yeah right. 92% of their services rendered are abortions. They claim to do mammograms…not one PP even has a mammogram machine! PP was the major contributor to Obamacare drafting…no prolife groups were invited. He sold out to an organization founded by Margaret Sanger….look up her wonderful biography. The vast majority are in minority neighborhoods…coincidence? Hardly…Minorities support him but he only wants to continue to keep PP killing them daily….60 % of abortions are African American babies.
Obama sends millions to Mexico and China to support abortions….taxpayers dollars mind you. China has a one child policy…forced abortions are commonplace there. Dead babies are laid next to their mothers to show them that they must obey the law. And yet Obama says nothing….just gives them money to support it.
I could go on and on…its not irrational ranting or hate. His presidency is a sad commentary on our society. We accept immoral policies and beliefs and trash those that want to live as God intended.
Tomorrow is sad day for America…the killing/dismemberment of innocent unborn children was accepted and legalized. Will the nation offer as much attention and support for those who protest against it with the March for Life on Friday? Probably not. I bet Jay turns a blind eye and doesn’t even offer a sentence about it.
Sad…Jay and Obama supporters worship a man. They get a tingle up their legs over this man. Well, my savior is Jesus Christ. I worship him alone and fight for his Laws! So sad that you do this for an elected immoral man who is simply….The Abortion President!
phil
January 21st, 2013
4:33 pm
The next four? Same as the first four, but with MORE blame on the last guy.
UNCLE SAMANTHA
January 21st, 2013
4:33 pm
JACKIE
READ MY POST………… I SAID THE FED WAS BUYING MBS!!!!!!!!!
and you imply that they are selling them at a PROFIT
if that was the case then the BANKS would be selling them
open your eyes and use your brain
they are screwing us……….
Jackie
January 21st, 2013
4:33 pm
@rightwing
If the child is not aborted, how much of your tax contribution would you pledge to help this continue live a reasonably productive life?
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
4:34 pm
Hey
I just read that 5 were shot during MLK parade in New Orleans…can’t wait til this new background checking is implemented. I’m sure that will keep things like this happening again.
Oscar
January 21st, 2013
4:34 pm
If you look at the budget, there are three things that take up most of the money and have to have major cuts.
Defense, medicare and other heath costs.
Cut waste in defense. Bring home the troops.
Medicare payments should go way down. We just can’t afford to keep paying at the rates we are paying.
In England, terminally ill patients get sent home with morphine and die in peace. Here, we keep them in IC in pain and suffering for months spending hundreds of thousands of dollars. Can’t keep doing that.
Alex
January 21st, 2013
4:34 pm
@ all the budding economist, there are many factors that went into the recession and many books have been writen and I am sure will be written and many academic papers and not a few Ph.d’s will be earned.. however for the non-Nobel laureates on this blog, Nate Silver’s chapter on how the rating agencies used lots of bad statistics to give us a lot of noise is understandable and helpful. The intro will tell those of you who have a “sliver” of an open mind why bloggers continue to become increasingly polarized… perhaps if we know how we are so biased we can confront the problem and improve the conversation….
TaxPayer
January 21st, 2013
4:34 pm
And on top of all the lying and cheating and stealing at the lower levels from pawning off loans on anyone for a commission or appraising a house for well more than anyone claimed it was worth or writing liar loans and interest only loans, there were the higher level scams ranging from ratings company’s claims of AAA ratings for paper whose true value was only it’s caloric content (like Sarah Palin’s book) and the banks that were in cohorts with them to the fixing of Libor rates and everything in between. Actually, the net result of those greed-induced feeding frenzies made Madoff look tame in comparison yet Madoff is the one doing time. There’s your true crime–a lack of crooks doing time. Perhaps this administration will get a few more of them behind bars before all is said and done.
Granny Godzilla
January 21st, 2013
4:35 pm
Goodness Gracious Dawg 88
You own a gun?
Seen a mental health professional lately?
UNCLE SAMANTHA
January 21st, 2013
4:37 pm
GALE
its true……… its an uncomfortable discussion…………… it would be great if the world was rainbows and puppy dogs but its not………… we have to make decisions………….. but its not to say we can’t find workable solutions
TaxPayer
January 21st, 2013
4:37 pm
I’m glad I do not attend dawg88’s church of hate.
Veteran Observer
January 21st, 2013
4:39 pm
“Welcome” If the president understands about COMPROMISE then why have we operated without a budget for the past three years? Why was there a need to pass an emergency spending bill to keep the country running? Why are there no talks to deal with the debt ceiling? Congress passed his stimulus package and it was wasted by handouts to California, Illinois, MARTA, etc…! And “Jackie”, I have no problem with his veto power, but where are his ideas and leadership skills to work out a COMPROMISE with the Congressional leadership? He wants to DICTATE and everyone should follow! We knew he was inexperienced when he took office(never in Illinois or in the US Senate had he passed a meaningful piece of legislation)! But he has had four years of on-the-job training and he still cannot get anything done! That is why he has failed and will continue to do so as he demands further stimulus spending as his cronies have once again run out of money! It is very sad!
Dharma Bum
January 21st, 2013
4:40 pm
getalife,
With all of the mean and hateful rhetoric you spew everyday, how are you any better than the conservatives you perpetually demonize?
Alex
January 21st, 2013
4:40 pm
@Jackie 4;31 simply wrong the increase in home prices were very much OUT of the ordinary, look it up…Ask what’s left of Lehman’s Brothers if their degree of leverage was just a bit higher than usual before the collapse, Jackie–you have a useful if superficial understanding about the collapse and I am SURE there are those on this blog who could say the same about me, we have to keep reading and learning as the events of the last 4 years will play out again, maybe tulips or grass seed…???
tireofit
January 21st, 2013
4:41 pm
phil
January 21st, 2013
4:33 pm
The next four? Same as the first four, but with MORE blame on the last guy.
++
The bush administration actions will be blamed for the next 20 – 30 years and they deserve it.
Jackie
January 21st, 2013
4:43 pm
@UNCLE
You are correct. The Fed is buying MBS.
Mad Max
January 21st, 2013
4:43 pm
Jay’s point at 3:41 is well taken. However, many of the problems facing the country, like the housing crisis, have yet to be completely resolved. While it is interesting to read the posts about who is to blame for the housing problems, I have yet to see any ideas about how to solve it. Here is partially where we are: Dodd-Frank was created to control systematic risk from too big to fail institutions for the economy. Dodd-Frank restricts the types of assets financial institutions can put on their balance sheets. Consequently, 80% of all mortgages are Government guaranteed agency debt so that the mortgage backed securities (that aren’t purchased by the Federal goverment under QE) can be purchased by financial institutions under Dodd-Frank guidelines. The traditional community bank model of lending to relationships within a community no longer works because the community bank can no longer book the loan on it’s balance sheet because it is not government guaranteed. Thus, despite Dodd-Frank’s best intentions, the mortgage market in the U.S. is dominated by a handful of “too big to fail” institutions with Wells Fargo controlling close to 40% of the entire market. Dodd-Frank served its purpose in buying financial institutions time to work out bad loans. Unfortunately, under its rules today, first time homeowners are limited to government guaranteed loans and a handful of huge institutions. The government housing agencies have lost over $300 billion since 2008 so clearly the current system is not working. The solution is to modify Dodd-Frank allowing the private sector to book a wider array of loans bringing in liquidity to the market that is not dependent on a government guarantee.
creative
January 21st, 2013
4:44 pm
keep it coming!!!! woo hoo this is fun. Right wing christians and left wing whiners. I wish we had a state where you two could run a government together.
UNCLE SAMANTHA
January 21st, 2013
4:47 pm
jackie
and that is an indirect way for the BIG BANKS to not LOSE $ by writing them off………. THE FED will sell them at a LOSS or a GAIN………. but we know it will be a LOSS………. then the BIG BANKS can make profits………. the FED can CLAIM the sell of the MBS REDUCES DEFICIT………..only we can not VERIFY nor will the FED let us see their books.
it is a DEFACTO BIG BANK BAILOUT
AT TAX PAYERS EXPENSE…………………….
creative
January 21st, 2013
4:47 pm
Mad Max…You are too smart for this blog. Do you think any of these people can comprehend what you just wrote. Let’s get back to the Christian and Socialist name calling!!! Sarcastic comments are always funny. Please see the comment about sarcastic comments
Oscar
January 21st, 2013
4:48 pm
Veteran Observer – The president has presented his budget to congress every year.
It’s congress that has not passed their budget resolution. Look to the House and Senate to complain about lack of an adopted budget.
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
4:48 pm
tireofit
January 21st, 2013
4:41 pm
Not likely. The question is what is your guy going to do to change the bloated spending that has run up and continues to run up. Too bad we have a sitting president who is all hat and no cattle.
He took the job and you likely voted him in…what should we expect next 4 years that will improve with his direct intervention?
In fact, if the debt continues on current path and gets to 90% or more of GNP, his legacy is not anything you will enjoy. Difference is that who ever is next, they can blame Bush for his mistakes and BO for his poor stewardship..
Dharma Bum
January 21st, 2013
4:50 pm
Creative, it is really sad to watch partisan politics ruin this country.
Demonizing and badmouthing the opposition has completely replaced calm and reasoned debates because neither side is willing to drop the snide remarks long enough to make a meaningful contribution to any kind of rational discourse.
Alex
January 21st, 2013
4:51 pm
@taxpayer, agree with you, but let’s throw good old senators Dodd and Frank in for lowering requirements for mortgages, then how about the Streetsweeper who thinks they can live in a million dollar home, ….lot’s of blame to go around: greed, stupidity and arrogance can make for a nasty soup
Human nature and bubbles….”My those are nice tulips”
Brosephus™
January 21st, 2013
4:52 pm
Jay
Did you get the sunrise photo that I sent you?
——————-
Class of 98 sounds like he used to be an underwriter at Countrywide.
Jay
January 21st, 2013
4:53 pm
“f I understand correctly the new president must be inaugurated before the 20th of Jan. but this president does it on MLK day, arrogant and self serving.”
That’s sad, Alex.
The Constitution calls for the inauguration to occur at noon on Jan. 20, which technically it was. Obama was inaugurated yesterday in a small ceremony. But since Jan. 20 is a Sunday this year, and since noon on a Sunday is prime church-going time for much of the country, the public ceremony was held the next day, today, instead, out of respect.
For that, Obama gets accused of being arrogant and self-serving?
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
4:53 pm
Mad Max
January 21st, 2013
4:43 pm
Precisely….break up banks into appropriate verticals. Get Goldman folks and the like out of the government (or at least have time requirements between leaving office and assuming positions in private sector where they can personally benefit from policies that implemented. Add rules to make certain the credit agencies show appropriate diligence prior to ratings release and assign them liability in certain instances…
Oscar
January 21st, 2013
4:53 pm
Mad Max – There are no lenders, or substantialy none that will make private loans today. They are not willing to take the risk without a government guarantee.
Same with other loans. Banks have the money but are not willing to lend it. Too much risk.
Housing market will straighten out when all the empty inventory is off market. But that will take a while.
I think the US will become a nation of renters instead of home owners. And I don’t see that as a bad thing. Makes for a more mobile society.
People can’t move now to take jobs because they can’t sell their underwater houses.
This is going to take a few more years to stabilize.
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
4:56 pm
Jay
January 21st, 2013
4:53 pm
Well not unlike his brethern elected dopes, he is indeed arrogant but certainly not in this case..
Jay
January 21st, 2013
4:56 pm
Bro, I didn’t notice the attachment until just now. Do you mind if I post it on this blog post? It’s great.
tireofit
January 21st, 2013
4:56 pm
Stevie Ray..Clowns to the left and Jokers to the right..here I am…
January 21st, 2013
4:48 pm
tireofit
January 21st, 2013
4:41 pm
Not likely. The question is what is your guy going to do to change the bloated spending that has run up and continues to run up.
++
Cut the war machine by 50%.
Tax financial transactions.
Increase tariffs
to start with
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
4:58 pm
Oscar
January 21st, 2013
4:53 pm
The only folks loaning today are the small regionals and credit unions.
I often wonder why instead of ignoring our interests and ceding cash goodies to the too big to fail banks, why didn’t we establish a resolution trust like vehicle? …that worked like a charm..tranched release of inventory and made us money in the process.
Alex
January 21st, 2013
4:59 pm
@ Mad, what has been done to improve the rating agencies ability to understand risk??? and report it accurately…@ Dharma, agree and as I blogged above it is this ability of a highly partisan person to be supported by the same in all the far right left or left wing bloggs on the internet is destructive to a rational and “truth” seeking dialogue
Stevie Ray..Clowns to the left and Jokers to the right..here I am...
January 21st, 2013
5:00 pm
I agree wholeheartedly with your suggested cuts…unfortunately, the system is set up against these pragmatic tactics. Neither he nor congress have the stones/courage to even table such concepts..
He won’t and neither will any of them..
Krystal'sBalls
January 21st, 2013
5:00 pm
More BLOGWARS on the AJC.com website.
It’s true. You can bet on it.
Brosephus™
January 21st, 2013
5:02 pm
Jay
Sure that’s why I tried to shoot it to you early.
Alex
January 21st, 2013
5:04 pm
No Jay it is NOT SAD, it is misinformed as I may be and for that I apologize, but I am not SAD , shish, get over it man…
Keep Up the Good Fight!
January 21st, 2013
5:05 pm
Well actually, Obama gets called arrogant and self-serving for anything. If he had rescheduled, it would have been for that. If he had not, it would have been for that.
ODS means never acknowledging anything but the diatribe.
Brosephus™
January 21st, 2013
5:05 pm
The crowd that was there was a micro representation of America. I took more crowd pics than anything else.
Keep Up the Good Fight!
January 21st, 2013
5:07 pm
I just got an email from Biden in the past hour. How arrogant and self-serving that he took time out to email me.
creative
January 21st, 2013
5:11 pm
Dharma Bun… you are too smart for this blog too!!! what are you doing writing a reasonable comment. Unacceptable behavior. Kidding… Hopefully people like you can have an opinion whether it is on the right, left or center and debate with others. I don”t feel like that will ever happen because people can hide behind their keyboard. I can debate with my friends and family and most my friends and family have opinions but will listen to another side of an argument and concede some points. Nothing will change until people realize that abortion has nothing to do with taxes and environmental policy has nothing to do with gun policy gay rights have nothing to do with corporate welfare or personal welfare. Dharma….please also note that I will be the only one who responds to your comment as you were asking for civil debate and not name calling which is the only thing that appears on this blog or any political blog. These blogs are pointless and only make people feel better about
josef
January 21st, 2013
5:11 pm
So, post it already…
Hey Libs, how is your paychecks looking now
January 21st, 2013
5:13 pm
Jeffrey,
Go back to your trailer park res
Wilbur
January 21st, 2013
5:14 pm
The Next four years?
More class warfare.
Heightened race divisions
Stagnant economy
Fewer Freedoms
The Bite of Obamacare
More Regulation
Dangerous international crisis
Malaise at home.
creative
January 21st, 2013
5:14 pm
I stand corrected Alex responded
josef
January 21st, 2013
5:14 pm
creative, Dharma
Was being a fly on the wall, more or less, y’all have actually said something that caught my attention…
Keep Up the Good Fight!
January 21st, 2013
5:16 pm
Was being a fly on the wall
Hmmm…my no pest strip must need changing.
Alex
January 21st, 2013
5:17 pm
@ Jay, I should have been more explicit as in he chooses MLK day to have the public ceremony, I stand with my statement, and the idea that you cannot even entertain his arrogance, reveals your lack of objectivity …”out of respect” are you joking, respect for whom, MLK on his day, is that you explanation, arrogate and self serving and narrow minded, but this is an opinion piece and it should not be such an ignorant one, think about it Jay he elected to have the public ceremony on MLK day,
josef
January 21st, 2013
5:18 pm
GOOD FIGHT
weetamoe
January 21st, 2013
5:19 pm
Beyonce of the *take that, Mitches* comment? Fits right in with Obama’s vote for revenge, punch back twice as hard, bring a gun to the fight, they are holding the people hostage/have a gun to our head oh so civil and unifying talk.
josef
January 21st, 2013
5:21 pm
BROSEPHUS
Good shot.
Brosephus™
January 21st, 2013
5:22 pm
josef
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