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Old 10-08-2008, 10:55 AM   #41
GarfieldJL
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Originally Posted by Web Rider View Post
ALL banks have ties to the federal government.
Not at the level Freddie Mac and Fannie Mae did, they are actually technically owned by the Federal Government.

Quote:
Dood, you almost made me spit up my drink. I can picture it now, Obama going around forcing these multi-billion dollar banks to issue bad loans. Man, what's even more hilarious is that you're serious.:¬:
Sorry that the truth is so funny.

Quote:
In 1995, Illinois Gov. Jim Edgar balked at implementing the federal motor voter law out of concern that letting people register via postcard and blocking the state from pruning voter rolls might invite vote fraud. A young lawyer named Barak Obama, a community organizer himself, sued on behalf of ACORN and won. ACORN later invited Obama to train its staff on voter registration drives.
http://noquarterusa.net/blog/2008/09...rime-mortgage/

http://www.pittsburghlive.com/x/pitt.../s_584284.html


Quote:
Okay, Obama did not force banks to do anything. Anything a bank did was the decision of their corporate executives.
That isn't entirely true.

http://www.mediacircus.com/2008/10/o...ake-bad-loans/

Quote:
Case Name
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
Case Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; a*nd* 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.

U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).

The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000
And the lawsuit was courtesy of Acorn.

Quote:
ONE key pioneer of ACORN's subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae's mortgage policies.

Long the director of Chicago ACORN, Talbott is a specialist in "direct action" - organizers' term for their militant tactics of intimidation and disruption. Perhaps her most famous stunt was leading a group of ACORN protesters breaking into a meeting of the Chicago City Council to push for a "living wage" law, shouting in defiance as she was arrested for mob action and disorderly conduct. But her real legacy may be her drive to push banks into making risky mortgage loans.
http://www.nypost.com/seven/09292008...als_131216.htm

Last edited by GarfieldJL; 10-08-2008 at 11:05 AM.
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Old 10-08-2008, 11:14 AM   #42
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Dear readers, the topic of this thread is not partisanship, unfortunately. Instead it is a much more serious one: global economic recession. Light-hearted romps of McCain v. Obama have their place in other threads so let's keep them there.


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Old 10-08-2008, 11:19 AM   #43
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The Fed cut the interest rate by half a percent this morning before the markets opened. I'm not sure if it's having much of an effect, except perhaps preventing another massive free-fall day in the market.

I would like to make one note, however. For many of you, this is the first major drop in the market that you've seen, and it can be almost frightening since it's such a dramatic change. However, it's not my first experience with a major drop, and while it is very severe, I'd like to point out that these things are cyclical. We're likely in a recession now (if the gov't would finally admit it) and it may get worse before it gets better. Down times like this are inevitable because that's the nature of business cycles. However, it's not going to be bad forever. There is certainly a panic element in the market the last couple weeks, and I think for good reason given the severity of bank meltdowns. At some point, however, it will hit bottom, and then the only way to go is back up again.


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Old 10-08-2008, 11:33 AM   #44
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In addition to the rate cut that Jae mentioned, the Fed is also taking a rather dramatic (and a bit risky) step in side-stepping banks altogether to issue short term loans to directly to non-financial businesses (aka "commerical paper"). This is the first time this has been done since the Great Depression. Hopefully this will help solidify economic confidence and thaw the credit market, but it does stick U.S. taxpayers with the burden if companies cannot repay their loans.


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Old 10-08-2008, 11:37 AM   #45
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In addition to the rate cut that Jae mentioned, the Fed is also taking a rather dramatic (and a bit risky) step in side-stepping banks altogether to issue short term loans to directly to non-financial businesses (aka "commerical paper"). This is the first time this has been done since the Great Depression. Hopefully this will help solidify economic confidence and thaw the credit market, but it does stick U.S. taxpayers with the burden if companies cannot repay their loans.
Is there any financial oversight over this? Cause this is our tax money, and I'd like to know the money is actually going to where it's supposed to.
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Old 10-08-2008, 11:40 AM   #46
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Originally Posted by GarfieldJL View Post
Is there any financial oversight over this? Cause this is our tax money, and I'd like to know the money is actually going to where it's supposed to.
The chairman of Federal Reserve is Ben Bernanke. I'd suppose he has some say in how it will be administered.


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Old 10-08-2008, 02:07 PM   #47
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Sen. Schumer just suggested a program where the gov't would make short-term loans to small businesses if they can't get loans from banks because of the credit crisis.


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Old 10-09-2008, 03:21 PM   #48
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Update: Dow below 9,000 in late afternoon trading

Dow below 9,000 in late afternoon trading
Tech overshadowed by weak financials, energy, health care

Just a quick update for today's lows.
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