Glenn Beck hits the nail on the head. - Mercedes-Benz Forum

Reply
 
LinkBack Thread Tools Display Modes
post #1 of 95 (permalink) Old 09-23-2008, 11:08 AM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Glenn Beck hits the nail on the head.

September 18, 2008 - 13:02 ET

Glenn Beck Show

GLENN: Today I want to lay the case out to you, because we have to know what happened to the economy. You have to know that they are printing money as we speak at the Treasury. You have to know what you know and know who caused it, how did it start, and you've got to bring yourself up to speed rapidly to be able to share with your friends the truth so they know how to make a decision on which one of these candidates, if either of them, was responsible. Which one of these candidates can help us get out of the mess.

Yesterday Barack Obama said, and I quote: Senator McCain bragged about how as chairman of the commerce committee in the Senate he had oversight of every part of the economy. Well, I can say to Senator McCain, nice job, nice job. He was in Vegas and he said, quote: I will crack down on predatory lenders, the all too often target the African American community, the one that targets the Hispanic community with tough new penalties that treat mortgage fraud like the crime that it is. And the crowd went wild.

It is important that you hear, "I will crack down on predatory lenders." Have you heard that before? The people that often target the African American community, target the Hispanic community with tough new penalties. Got it? Okay.

Today I'm going to lay out the case for you in the next 10 minutes and I think you're going to understand who is responsible for this credit crunch and this credit crisis, and you ain't gonna like the answer, but this I believe is a big part of the answer. The Community Reinvestment Act. It was started, it was a "Feel good" measure back in the 1970s and Jimmy Carter started it, "We've got to invest in our communities again." Well, in 1992 Boston's Federal Reserve did a study. They funded this study and in this study they found subtle racism in the banking system, discrimination in lending. This is again from the Boston race study, discrimination in lending. There were a couple of things in there that were stark. For instance, they showed a white guy and a black guy. Both went in to buy a house for $60,000. The black man didn't get the loan even though his assets, his net worth was stated as $10 million. The bank didn't give a $60,000 loan to a guy who had $10 million in assets. How did that happen other than you didn't want to lend to a black man. Well, the Fed used this study and they brought it to congress and congress just latched onto this thing. Unfortunately within just a couple of months, another group, another university came in and looked at this study and said, wait, wait, wait, wait, wait, we've looked at the raw data; these are mistakes in here. First of all, the analysis is wrong, but the facts are wrong. In the one that everybody was using, the black guy with the $10 million in assets that didn't get a loan, it wasn't $10 million. When you looked at the raw data, it was $1,000. He had $1,000 in assets. So the subtle proof that was left to stand, because nobody went back and revised it. Nobody went back and said, oh, well, okay, we have to throw this study out because it is so wrong. They just let the subtle proof, and here was the subtle proof.

The discrimination in lending, see if any of these sound familiar in 1992. Discrimination in lending was that banks wouldn't make loans in low income areas. So if you were in Detroit and you had a house that was selling for $100,000 last year and is now worth $10,000, the banks were like, no, we're not going to loan anybody any money; it's a bad section of town. The other subtle proof, banks had minimum lending requirements. So in other words, they could say we only lend $10,000 because there's no money in it for us at $2,000. We only lend 20 because there's no money in $10,000. That was racism. The application fee was racist. The fact that you had to actually say "Could you verify your income" was racist. That was 1992.

In 1992 again they wanted to revise the Community Reinvestment Act and they wanted to put in all of these penalties if you were being racist. Now, under the CRA, the banks had to convince a set of bureaucracies that they weren't engaging in discrimination, and the discrimination could be called by anybody. You could just raise your hand and say they're discriminating. ACORN was a big one that said discrimination. But again what counted as discrimination after 1992, arbitrary or outdated criteria. That outdated or arbitrary criteria income level, income verification, credit history and savings history. Do any of those things sound familiar? So to satisfy the demands of what now had been passed into law, lenders developed a sub prime mortgage. Didn't have sub prime before. That way potential borrowers who couldn't qualify for the 30 year traditional fixed mortgage had a way, so the bank wasn't being racist. In 1994 less than 5% of mortgage were sub prime. By 2006 20% of new mortgages were sub prime. Politicians and the Fed, they were excited about this, this is fantastic. It's a new mortgage that puts families in homes, gives them a piece of the American dream. How many times did you hear people say that? In 1994 Janet Reno said the Justice Department was going to go after banks that were racists. They said today's actions demonstrate we will attack lending discrimination wherever it is and whatever form it appears. No loan is exempt. No bank is immune. For those who thumb their nose at us, I promise vigorous enforcement. Sounds a little like Barack Obama today. Just so you know, there were no fines. You didn't even have to report this information to the government, but here's what happened. If you didn't, you were called racist. That's your fine. You were called a racist bank. If you wanted to open a branch, if ACORN decided to come against you, they would protest your opening up of a branch in that area and they would say you were a racist lender. If you wanted to do a merger, you couldn't do a merger because you hadn't played ball. You hadn't done the low interest rate, the mortgage with no income verification. Those in Washington stood in your way on any business you wanted to do.

Why do you think when J.P. Morgan and Chase teamed up, when they merged together, why do you think the first thing they did when they announced that merger was to make a gigantic donation to ACORN? It was extortion. Everybody was excited about this. Alan Greenspan came out in support of the mortgage options. He said Americans, consumers I'm quoting might benefit if lenders provided greater mortgage product alternatives to the traditional fixed rate mortgages. The chairman and CEO of Freddie Mac made affordable housing a priority and created new mortgage products that allowed for lower down payments. This was in 2004. Ten years, ten years after they enacted all of these laws to make sure that nobody was being discriminatory.

President Bush in 2004 launched his down payment initiative which provided assistance to low income families to help them with their initial down payment, which was quickly followed by his zero down payment initiative which eliminated the requirement of a minimum 3% down payment for FHA insured single family mortgages. If you were a first time buyer, zero down. In 2005 Barack Obama said it's not good enough that the real estate market is prospering for some. Everyone has to be able to get affordable housing.

Barney Frank said no one wants to be called out for racism by opposing any of these requirements. In 2007 Barney Frank went on to say the data showing serious housing discrimination in the granting of mortgages in Boston is very troubling. The serious housing discrimination in Boston is troubling and must be addressed. Same year, Senator Chris Dodd proudly took credit for helping pass a revised Community Reinvestment Act with the help of Reverend Jesse Jackson. Earlier this year Senator John McCain responded to a question by Larry Kudlow. He said, "Absolutely there were people that predicted that the Community Reinvestment Act might lead to reckless and unsound lending practices just short of a fill in the amount of I don't like to use the word quota, but certain percentages of a home of the bank's lending practices, it has to be reexamined. It has to be judged by its effect. We need to find out how this particular system affected the overall insolvency of the subprime lending issue and I think I'm not saying it needs to be repealed but it certainly needs to be examined and what its effects have been and we'll be able to figure that out. Really. As Nancy Pelosi says, along with Harry Reid, that we need to create yet another government agency to handle these situations. That we need another federal agency now to help bail out the people that got these loans because there wasn't any oversight. I contend it was the politicians that pushed people into this situation. It was the politicians that made this possible, and it was not just the Democrats. It was the Republicans as well.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
Sponsored Links
Advertisement
 
post #2 of 95 (permalink) Old 09-23-2008, 11:11 AM
Administratoris Emeritus
 
GeeS's Avatar
 
Date registered: Aug 2002
Vehicle: 2021 SL770
Location: Fountain Hills, AZ
Posts: 44,915
Mentioned: 2 Post(s)
Quoted: 591 Post(s)
From another thread, but it bears repeating:

The guy we need in charge, discussing the global financial crisis (9.18.08): Ron Paul on the Global Financial Crisis

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
GeeS is offline  
post #3 of 95 (permalink) Old 09-23-2008, 11:19 AM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
I have to say that Glenn Beck is better able to take a set of facts and mesh them into the most illogical and contrived conclusions based on his preconceived notions than anyone I read.

But good to see ol Glenn is trying to pull race into the election, any way he can with Fear, Uncertainty and Dread.

Maybe he should have stayed a rodeo clown.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #4 of 95 (permalink) Old 09-23-2008, 11:26 AM
BenzWorld Elite
 
FeelTheLove's Avatar
 
Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Posts: 28,829
Mentioned: 0 Post(s)
Quoted: 8 Post(s)
That's about the level of analyis I would expect from a high-school educated professional loudmouth like Beck. He could have shortened it a little to what he really wanted to say: "It's all the nigger's fault." Mormons are such transparent racists. Like any buffoon, he starts with a conclusion. The real truth is that the CRA is a minor pipsqueak in the vast credit markets. The root cause of this meltdown was the passage of this piece of legislation:

Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

which repealed regulation and restrictions on brokerage firms and banks placed on them after they caused the last financial meltdown in 1929. Phil Gramm is an evil son of a bitch, and he and his bitch cunt old lady, who was on the board of Enron, well their names seem to pop up every time this country goes into economic shock. Funny how Beck, a GOP hack bitch, never mentions him.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
FeelTheLove is offline  
post #5 of 95 (permalink) Old 09-23-2008, 11:26 AM
~BANNED~
 
Jakarta Expat's Avatar
 
Date registered: Aug 2006
Vehicle: PM me to Join the Expat Muslims for Obama Club........
Location: Jakarta, Indonesia
Posts: 17,697
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by mcbear View Post
I have to say that Glenn Beck is better able to take a set of facts and mesh them into the most illogical and contrived conclusions based on his preconceived notions than anyone I read.

But good to see ol Glenn is trying to pull race into the election, any way he can with Fear, Uncertainty and Dread.

Maybe he should have stayed a rodeo clown.

Rodeo Clowns, I laughed at that since I have been watching Bernanke and Paulson for the last 3 hours, dig themselves out of this 700 billion USD hole answering questions in front of this Congressional Panel...........
Jakarta Expat is offline  
post #6 of 95 (permalink) Old 09-23-2008, 11:31 AM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Quote:
Originally Posted by mcbear View Post
I have to say that Glenn Beck is better able to take a set of facts and mesh them into the most illogical and contrived conclusions based on his preconceived notions than anyone I read.

But good to see ol Glenn is trying to pull race into the election, any way he can with Fear, Uncertainty and Dread.

Maybe he should have stayed a rodeo clown.
And I have to say it never ceases to amaze me that when faced with sources, facts, and logical all a liberal can do mischaracterize, lie, and scream racism.

I love it! The truth hurts. It does not even single out liberals but career politicians as whole.

I am understanding why Muslims get so upset when cartoons of Mohammed are made. Liberals have the same reaction if Obama is brought to task.

No thanks Mr. Liberal, I already have a Messiah.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #7 of 95 (permalink) Old 09-23-2008, 11:34 AM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Smile

Quote:
Originally Posted by FeelTheLove View Post
That's about the level of analyis I would expect from a high-school educated professional loudmouth like Beck. He could have shortened it a little to what he really wanted to say: "It's all the nigger's fault." Mormons are such transparent racists. Like any buffoon, he starts with a conclusion. The real truth is that the CRA is a minor pipsqueak in the vast credit markets. The root cause of this meltdown was the passage of this piece of legislation:

Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

which repealed regulation and restrictions on brokerage firms and banks placed on them after they caused the last financial meltdown in 1929. Phil Gramm is an evil son of a bitch, and he and his bitch cunt old lady, who was on the board of Enron, well their names seem to pop up every time this country goes into economic shock. Funny how Beck, a GOP hack bitch, never mentions him.
Wow! Now who is the closed minded intolerant little liberal? This really hits close to home I guess!


Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #8 of 95 (permalink) Old 09-23-2008, 11:52 AM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by TNTRower View Post
And I have to say it never ceases to amaze me that when faced with sources, facts, and logical all a liberal can do mischaracterize, lie, and scream racism.

I love it! The truth hurts. It does not even single out liberals but career politicians as whole.

I am understanding why Muslims get so upset when cartoons of Mohammed are made. Liberals have the same reaction if Obama is brought to task.

No thanks Mr. Liberal, I already have a Messiah.
Instead of cutting and pasting an article, would you care to break down the analysis yourself. Determine the value differences of effect between the The Community Reinvestment Act, the Gramm Bliley Act in 1998-9 or the further deregulation modus in absentia from 2001 to 2008?

Care to play?

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #9 of 95 (permalink) Old 09-23-2008, 12:00 PM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Quote:
Originally Posted by mcbear View Post
Instead of cutting and pasting an article, would you care to break down the analysis yourself. Determine the value differences of effect between the The Community Reinvestment Act, the Gramm Bliley Act in 1998-9 or the further deregulation modus in absentia from 2001 to 2008?

Care to play?
Care to start it off since I was the one who actually posted the article and you are the one who is in disagreement? It seems all you can do is offer vitriol against it. If you have more than just pablum please enlighten us.

You are obviously an expert player. I would not ever survive playing with someone who has so much practice with themselves. And by the way sweetheart, try to stay on point with the article and its merits this time.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #10 of 95 (permalink) Old 09-23-2008, 12:04 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by TNTRower View Post
Care to start it off since I was the one who actually posted the article and you are the one who is in disagreement? It seems all you can do is offer vitriol against it. If you have more than just pablum please enlighten us.

You are obviously an expert player. I would not ever survive playing with someone who has so much practice with themselves. And by the way sweetheart, try to stay on point with the article and its merits this time.
Do a search on my name. It has been covered before. Thoroughly.

Oh, and I am hard on point. But nice try and avoid doing your own analysis.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    Glenn Beck Stumbles Headlong Into Irrelevancy Qubes Off-Topic 184 05-12-2008 08:53 PM
    HELP!!!! , Can’t open beck doors KD c320 W203 C-Class 6 02-11-2007 09:59 PM
    "Lame Duck" Nasdaq hits 4.5 year high. Russell 2000 hits historic high. 430 Off-Topic 6 01-07-2006 07:34 PM
    Insightful Election Analysis by major publication hits nail on head FeelTheLove Off-Topic 31 11-11-2004 02:37 PM
    Glenn, did you get your trophy for the acceleration runs at Tri-O-Rama? Bruce R. - - D.C . R170 SLK-Class 2 08-17-2001 03:16 PM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome