Correct list of culprits and prophets for our current economic woes? related questions

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Correct list of culprits and prophets for our current economic woes?1Teii2012-11-03 00:16:02
Is it correct this list (in no particular order)? MedlinePlus MedlinePlus 1. Christopher Cox, chairman of the Securities and Exchange Commission - should have sounded warnings from the beginning of the problems with loans affecting the stock market and 401k saved many MedlinePlus MedlinePlus 2. Ben Bernanke, Federal Reserve chairman - should have recognized the problems in lending patterns MedlinePlus? MedlinePlus 3. Henry Paulson, the Treasury secretary - not so sure about this - started in 2006 MedlinePlus. MedlinePlus 4. Representative Barney Frank, D-Mass., chairman of the House Financial Services Committee - oversight of Freddie Mac and Fannie Mae as they made bad loans and ate MedlinePlus MedlinePlus 5. Sen. Christopher Dodd, D - CT, chairman of the Senate Banking Committee, presumably the supervision of banks and lending institutions, and others as they drifted in the credit crunch mess, without warning to citizens U.S. MedlinePlus. MedlinePlus 6. President Bush -. Is not responsible for the economy (the presidents have a surprisingly small effect in most cases), but this happened while his economic advisers were on duty MedlinePlus MedlinePlus 7. Banks and lending institutions to make loans and packaging of sub-prime risk, creating much confusion. MedlinePlus 8. Qualifying Institutions, Moody's and Standard & Poors, et al that misclassified the risk associated with the loan packages. How credible are they now? MedlinePlus MedlinePlus 9. U.S. automakers Chrysler and GM - did not contribute to the initial confusion, but kept building gas - guzzling, not so good cars so they were in such bad shape that when the economy began to fill the tank, they needed a bailout MedlinePlus. MedlinePlus List the good guys? MedlinePlus MedlinePlus 1. Paul Krugman -. Agree with him politically, but I think he signed some warnings about the coming disaster MedlinePlus MedlinePlus 2. ? ?
Current Economic Woes - Who's to blame?4Tadeo2012-09-18 09:06:02
I've been reading the tripe of Democrats and Republicans alike blame the current administration for the financial problems of this country. Let me set the record straight on the part of it. 1977: Pres. Jimmy Carter signs the Act Community Reinvestment Act in the law pressured financial institutions to extend home loans to those who might not otherwise qualify. The premise: Home ownership would improve poor and crime-ridden neighborhoods and in terms of crime, investment, jobs, etc. Results. Statistics confirm that did not help Question: Why is the government so deeply involved in the housing market? A: See below to find out who is covering his fault! 1992: Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the general public to money machines for the principals and the stockholding few . 1993: Clinton extensively rewrote the rules of Fannie Mae and Freddie Mac of rotation of the quasi-private mortgage finance companies in semi-nationalized monopolies dispensing cash and loans to large Democratic voting blocs and delivery of favors, positions work and contributions to political allies. This powerful combination led inevitably to corruption and now the collapse of Freddie and Fannie. 1994:. Despite warnings, Clinton unveiled his National homeownership strategy that broadened the CRA in ways Congress never intended 1995: Congress about to change to a Democratic majority to Republican, Clinton's Treasury, Robert Rubin, Department orders to rewrite the rules. Robt. Rubin Treasury reworked rules, forcing banks to satisfy quotas for sub-prime loans and minorities to get a satisfactory CRA rating. The rating was key to expansion or mergers for banks. Loans began to be made on the basis of race and little else. 1997 - 1999: Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Development, which Freddie and Fannie to get into the sub-prime market in a big way. Led by Rep. Barney Frank and Senator Chris Dodd, congress doubled down on the risk, reducing the capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks . Since they could borrow at lower rates than banks their enterprises grew. With incentives in place, banks poured billions in loans to poor communities, often "no doc ',' no income ', which requires no down payment and no income verification. Worse still was the cronyism: Fannie and Freddie became home to out-of-work politicians, mostly Democrats' Clinton. 384 has great political campaign donations from Fannie and Freddie. Over $ 200 million had been spent on lobbying and political activities . During the 1990's Fannie and Freddie enjoyed a subsidy of up to $ 182 billion, most going to the directors and shareholders, not poor borrowers as claimed. Did it work? Minorities comprised 49% of the 12.5 million new homeowners but many of those loans have gone bad and rates of minority home ownership are declining rapidly. 1999: New Treasury Secretary Lawrence Summers, became alarmed at the excesses of Fannie and Freddie. Congress held hearings the next year, but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place "We manage our political risk with the same intensity that we manage our credit risk and interest rates, "boasted Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama advisor, investors in 1999. 2000: Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the 'special situation'. Democrats raised a scandal like Fannie and Freddie, headed by politically connected CEO who knew how to reward and punish. "We believe that the statements evidence a contempt for the nation's housing and mortgage markets Freddie spokeswoman Sharon McHale said. Was the last chance of the Clinton era for reform. 2001: Republicans try repeatedly to achieve the fiscal health of Fannie and Freddie, but Democrats blocked any attempt at reform, especially Rep. Barney Frank and Chris Dodd, senator, who now run key banking committees and were huge beneficiaries of campaign contributions from mortgage giants 2003: Bush proposes what the New York Times called "the most important regulatory reform in the industry of housing finance since the savings and loan crisis a decade ago." Even after discovering a scheme by Fannie and Freddie to overstate earnings by $ 10.6 billion to increase their bonuses, Democrats killed reform. 2005: Then Fed chairman Alan Greenspan warned Congress: "We are putting the financial system at substantial risk." Senator McCain, with two others, a bill of Fannie / Freddie reform and said: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to th
Do you think this is correct in it's relation to the current financial crisis in America?2i'm juz ChiLLiN' 2012-11-04 14:34:02
The Real Deal So who is to blame? There is plenty of blame to go around, and it is fixed only in one party or even mainly on what Washington did or did not. As The Economist magazine noted recently, the problem is "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here is a partial list of suspects: The Federal Reserve, which cut interest rates after the bursting of the dotcom bubble, so that cheap credit. Home buyers, who took advantage of easy credit to bid up home prices excessively. Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive homes. Real estate agents, most of whom work for the sellers rather than buyers and who earned higher commissions from selling more expensive homes. The Clinton administration, which pushed for less stringent credit and downpayment requirements for working and middle class families. Mortgage brokers, who offer less worthy of credit, home buyers in high-risk, adjustable rate loans with low down payments, but exploding interest rates. Former Federal Reserve Chairman, Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages. Wall Street firms, which paid little attention to the quality of high-risk loans bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral. The Bush administration, it is not necessary to provide government oversight of the increasingly risky mortgage-backed securities market. An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic. The collective illusion, or a belief on the part of all parties that prices would keep rising forever, no matter how high or how fast they were gone up. http://www.factcheck.org/elections-2008/
What is the correct way to purchase a vehicle/boat for cash when the current owner has it financed?0India2012-09-15 11:41:03
I 'm buying a boat from an individual who has financed the ship . I have the intention to pay cash ( or rather , cashier's check ) , but how I can get the bank to send the title instead of the seller ? Your bank sells the loan to a bank outside the state , so we can not go into a branch with pay . I'm thinking of a bill of sale notorized would, but the bank tells me the title will still be sent to him , and on top of that, how I can know how much it is selling for enough to cover the loan balance ? If not , the bank still owns the boat .
How to fix the current economic crisis?1quemas2012-09-30 12:40:04
I have to write an article on how to solve the current economic crisis ... MedlinePlus MedlinePlus But I wonder what exactly the crisis . Unemployment obviously bad mortgages and loans (which was the cause of the crisis? ) Stock market is not a spending / investing ... that ' s not the essence ? MedlinePlus MedlinePlus Also, my father told me about something that Obama is making normal . will buy all the bad debt , and just wait until it gets better , and then sell it back to the banks. But what is this plan called ? I can not find anywhere online . MedlinePlus MedlinePlus Besides, there are good arguments to explain why reducing taxes will not work in a crisis like this ? Or maybe even the form of tax cuts that would work better ? Because I personally do not think spending billions of dollars is intelligent , although the govt debt is , for the most part , pretty sure . I just think it's irresponsible and must find other ways . MedlinePlus MedlinePlus Anyway, I 'm only a teenager learn about all these things , although the economy . So please be honest and give me as much information as possible .
Is 701 good enough for a car loan through a bank, given the current economic situation?2janey b2012-10-03 13:01:02
22 years old and I'm probably going to need a new car in a few months . My credit score is 701 and I have a little more than $ 1,000 in total debt . Despite the current economic crisis going on in America , is it good enough to get a car loan , say, 10,000 ?
Which Political Party is responsible for the current economic problems?1quaffi2012-11-02 03:58:02
Here are all the facts that tried and not try to regulate the economy. Anyway, I say the problem is all of us, do you agree? MedlinePlus MedlinePlus Deregulation Data 1) of banks was passed under the Gramm Leach Bliley Act (GLBA) in 1999 (Clinton) - althought this allowed banks to expand beyond the traditional regulatory controls, the effects have been both good and bad. It has allowed many of the largest banks to cross various financial services that are more stable (why Citibank, JP Morgan and Bank of America have gone under) MedlinePlus MedlinePlus Fact 2) Regulation of the accounting practices of public corporations was passed under the Sarbanes Oxley (SOX) in 2002 (under Bush). The affection of the bill is still debated. Many argue that the bill has been costly practices affect many actually disadvantge national companies. However, this was an attempt to financial regulation. MedlinePlus MedlinePlus Fact 3) Greenspan warned of problems, nobody heard about Fannie Mae and Freddie Mac: MedlinePlus "The strong belief of investors in the implicit government backing of the GSEs (government sponsored enterprises) does not by itself create problems of safety and soundness of the GSEs but creates systemic risks to the U.S. financial system . as the GSEs become very large, "he said. MedlinePlus MedlinePlus Additional data) The truth of the matter, the current financial problems were a number of factors, see factcheck.org article notes the reasons as: MedlinePlus MedlinePlus -The Federal Reserve, which lowered interest rates after the bursting of the dot-com bubble, making credit cheap. MedlinePlus MedlinePlus Home buyers, who took advantage of easy credit to bid up housing prices excessively. MedlinePlus -Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive homes. MedlinePlus MedlinePlus Real-estate agents, many of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes. MedlinePlus MedlinePlus -The Clinton administration, which pushed less stringent credit payment requirements for working and middle class families. MedlinePlus MedlinePlus Mortgage brokers, who provide home buyers less credible, subprime adjustable rate with low initial payments, but exploding interest rates. MedlinePlus MedlinePlus -Former Federal Reserve Chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take adjustable rate mortgages. MedlinePlus MedlinePlus -Wall Street firms, who paid too little attention to the quality of the risky loans that grouped into Mortgage Backed Securities (MBS), and issued bonds for those securities as collateral. MedlinePlus -The Bush administration, which failed to provide needed government oversight increasingly uncertain mortgage-backed securities market. MedlinePlus MedlinePlus -An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic. MedlinePlus MedlinePlus -Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up. MedlinePlus MedlinePlus There's an old saying in engineering, to have something break takes a single point of failure, and to have a complete collapse and become FUBAR has multiple points of failure. MedlinePlus MedlinePlus Sources: http://en.wikipedia.org/wiki/Gramm-Leach
In the current economic climate, what is the typical down payment percentage needed to secure a home loan?1Michael Rondo2012-09-19 13:54:02
We are now debating when to buy a new house . We deal with a reputable lender to get a fixed rate loan . What is the payment standard acceptable? For example : if you want to buy a home worth $ 175,000 , which would be a down payment required. In addition , we would like to keep the monthly payment under $ 1000 a month if possible.
Why aren't the true culprits of the financial crisis being blamed?0Aliona2012-11-04 14:51:00
If I get myself a loan I can't afford, say - a mortgage - how is it some "fat cat Wall Street" guy's fault my house was foreclosed on? If I get a car I can't afford, how is the repossession anyone's fault but my own for biting off more than I could chew? I honestly don't get it. Can someone please explain to me why we aren't blaming the folks who got themselves into loans they couldn't afford?
What can I do to resolve my money woes?0I only care about you2012-10-09 10:28:51
Hi, I just wanted some advice on what to do. Im 24. Have a fairly new car when I was 20, took a bank loan of $ 20,000. The payments were well at the time. Moved interstate, needed money to, so that the bank offers a credit card (the worst thing ever!) Anyway, I ended up with a credit card debt of $ 4,000, $ 2,000 I gave to a friend in need, but ultimately does not pay me back (I'm an idiot), refinanced with a consolidation loan to pay for it, as I was struggling to make payments on the cards. MedlinePlus A few months later I knew I was going to lose my job, so I got another card with a limit of $ 2,000, out of work for three months so maxed to pay bills and rent. He found a job, and my boyfriend now, and was ashamed of my debt, which had ballooned to a grand total of $ 35,000. After struggling for 6 months we have sought help. Contacted Fox Symes and now I'm on a payment plan of 5 years to pay off all debts, which will make it more difficult to finance future, but it was the best option. MedlinePlus MedlinePlus I work full time, my boyfriend works but just get 10 hours a week. We live well (only), but now we have a buzz on the road. My bank account is reduced to $ 0 after expenses each week and I'm so afraid I'm going to fail my future family because of my stupid mistakes. We need more money for us to breathe, but his MedlinePlus so hard! MedlinePlus I wish someone could help me clean my slate clean and change my life forever. Im so depressed and angry at myself for getting into this mess. Im a good person, just in a slump. I took advantage of credit as all of us and made too many errors .. I'm not so proud. Any ideas on what to do?
Money Woes... while Pregnant and Parenting!!!!?3Britanny2012-09-23 13:47:14
I do not know what they want to hear , but I would like some kind words . I am 20 weeks preggo w / Baby # 2 and have been trading online for Graduate School in Medical Billing and Coding . I always wanted to get into the computer , but my situation does not allow it right now. My boyfriend is a hard worker , but is " between jobs " often . He just applied to be a line cook in a local restaurant , but it still worries me . I have no $ $ to buy maternity clothes now , let alone start shopping for baby . I've been working , but I can get some of that work , so my counselor career placement is helping me to find something better. My rent was due yesterday , my bills are 2-4 months late , I have school loans I have to put on patience , but I am confused with the process ; Arrghh ! The brakes are going out in the car , my son's b-day is coming .... What would you do ? Have you been here , in these shoes ? Please help ... Anything that helps ...
Any suggestions on how to tackle my financial woes?3res2012-10-01 02:00:03
I want to get rid of almost $ 40k in student loans . But say I feel anxious and overwhelmed is an understatement. It seems to take me forever to get the debt paid. Moreover , still rent a room and I'm in my 30s to mid ! no children yet. I do a little more than minimum wage and finance my car. I'm thinking about graduate school , only to increase revenue, but spending is frightening . Not having my own home is stressful . I'm losing my youth , and I 'm not even indulging in anything . Not that I go on shopping sprees or leaving. Any suggestions on how to deal with this?

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