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I really liked Obama's speech. One thing that struck me and

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applegrove Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 07:45 PM
Original message
I really liked Obama's speech. One thing that struck me and
Edited on Thu Dec-08-11 07:46 PM by applegrove
that should be looked into is : "mortgage lenders that tricked families into buying homes they couldnt afford"

What year did the banking industry stop doing due diligence on people's credit? Cause it used to be that you assumed your bank was the expert on what would be a safe loan....I know I would have assumed this was the case if I had negotiated a mortgage with the bank. But somehow, what became desirable to a bank completely changed. And why were people not notified that banking assumptions had changed so much? (I know, I know...talk of assumptions reminds me of Rumsfield too...but I think all these neocon business people are erasing past assumptions to find ways to make more $$$ and thus more bonuses for the ceo in the past two decades). So when banks stopped following conservative banking practices how will people be notified in the future? Because it seems to me that change in assumptions, and the difference between understandings of banking assumptions, is how big banks got pension funds to buy sub-prime mortgages. So the trend of changing the business assumptions and not telling the public and making money off of that difference in understanding could happen again. It will happen again. This time it may not be mortgages...it could be some other business area.
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patrice Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 07:57 PM
Response to Original message
1. Tried to rec you. There's a lot that people around here are pretending that they know, so I guess
your observations about the probability of unknown unknowns is un-welcome.
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applegrove Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 08:08 PM
Response to Reply #1
2. Oh I think there are trolls who unrec stuff. I will not miss the unrec feature on DU3.
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:06 PM
Response to Original message
3. If you "liked" Obama's speech, then you must not have watched The Young Turks.
Cenk nailed it. Obama's words were great, he talks a good talk but has yet to walk the walk. DOJ has prosecuted less Wall Street than Bush.

It's election time again and Obama is acting tough. But his record is horrible. He spends more resources prosecuting medical marijuana dispensers and food stamp fraud than Wall Street crimes. Now he is acting tough on Wall Street. Lots of talk Mr. President, let's see you do the walk.
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pnwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:45 PM
Response to Reply #3
5. Maybe the Young Turks are too young to understand
that the President can't walk the walk alone. Maybe they don't understand that in the last 3 years, the Rethugs have exercised the filibuster far more than at any point in history. Maybe they don't understand that we NEVER had a filibuster proof majority in the Senate, not for one day, since Lieberman was an Independent, not a Democrat (and he supported McCain in the election over Obama.)

Maybe the Young Turks don't understand that the President needs a majority in the House and a 60 vote majority in the Senate to accomplish what most people here want him to accomplish. And even then, if many of the votes are from centrists and moderates, the result won't be what the typical DUer wants.

The key to Obama's success is going to be in the House and the Senate elections. And in all the people who want change getting out and voting -- not giving up.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 01:57 AM
Response to Reply #5
8. Maybe the Young Turks know that President Obama
appointed Larry Summers and Tim Geithner. Wrong is wrong, left, right or center. And NO ONE can believe Obama was right in allowing these people to guide the nation after the wholesale fraud that might have destroyed the nation.
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mzmolly Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 02:25 PM
Response to Reply #5
9. Well said!
:toast:
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 05:42 PM
Response to Reply #5
10. How do the republicons affect who the DOJ prosecutes? He is acting tough on Wall Street
now, but has been silent for 3 years. Less prosecutions of Wall Street than Bush. He has a lot of obstacles but he doesnt even appear to try. Prosecuting medical marijuana dispensers and food stamp fraud is more important than prosecuting Wall Street crimes.

And about the filibuster. Why doesnt Reid make the republicons ACTUALLY filibuster instead of capitulating at the threat.

And another thing. Bush extended the power of the president way beyond what the founders intended and I couldnt wait until we had a Democrat in office to set things straight. Was I naive? Pres Obama wants to extend the presidential powers even more than Bush.

http://www.democraticunderground.com/discuss/duboard.ph...
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Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 04:59 PM
Response to Reply #5
12. The Congressional profile does not effect how the DoJ operates
Second, Obama had huge majorities in 2009-2011 (more than Bush ever had), and did nothing about white-collar crime. Please stop with the "president can do nothing" meme.
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patrice Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:32 PM
Response to Reply #3
7. Maybe Young Turks have something to sell.
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 05:48 PM
Response to Reply #7
11. Do you watch any progressive tv? nm
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pnwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:40 PM
Response to Original message
4. When they started making bets, through the purchase of those derivative vehicles,
that the pooled mortgages would fail. They were buying insurance against possible loss -- but they were allowed to buy in amounts that were double or more what they would have made if the mortgages paid off. So they had a large profit motive in the failure of the mortgages.
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applegrove Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:51 PM
Response to Original message
6. If business gets away with making a change of assumption, selling it to the 99%, and making
a profit on that lack of knowledge, with no value or service improved, then it is another case where wealth is just being transfered from one group to another.
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