Local Posts #12

2009-5-7 05:34:00

[Compiler's Note:  The "Local Posts" series of articles found here in "The Archives" are a collection of exchanges between JJ Dewey and others participating on a local online newspaper blog, and were subsequently re-posted by JJ Dewey on The Keys Of Knowledge discussion group.]

  

April 8, 2009 -- Post Number One

JJ:

Mr. Coryat gives us part of the truth.

The core problem that caused this mess was loaning 100 or more percent the value of a property and changes in CRA [Community Reinvestment Act] pushed us in that direction to make home ownership available to the poor.

Obama and his Congress are coming up with lots of new regulations to bog things down, but the problem remains unfixed.

A person can still get a loan at 105% the value of a property.

No amount of regulation can protect us from such dangerous lending.

We only need a handful of regulations with home lending and the most important is the homeowner needs to make at least 10% down payment no matter what their race or economic status and there should be no ARMS [Adjustable Rate Mortgages] when the interest rate is below 8%. They also need to show good credit and ability to pay.

  

April 8, 2009 -- Post Number Two

"Boiseriver" wrote:

"Blaming CRA for the economic collapse is nothing but blatant racism and is providing cover for banks and other corporations that went unregulated by Congress and unwatched by Republican-controlled regulatory agencies. Blaming poor people for capitalism run amok is a lie that will not withstand scrutiny."

JJ:

The blind and knee jerk branding those who disagree with you as racist is not only ignorant, rabid, foaming-at-the-mouth racism in itself, but illustrates a total lack of intellectual capability to present your case.

Please do not accuse me of anything unless you back it up.

  

April 8, 2009 -- Post Number Three

JJ:

What we want to look for in this financial crisis is the cause not the symptoms.

If we suppress the symptoms without removing the cause then the problem is not solved.

The core problem was reducing (or negating) qualifications for loans as well as negating the down payment.

The CRA increasingly pushed banks in this direction as well as Congress and presidents Clinton and Bush through other means. Freddie Mac & Fannie Mae [government sponsored mortgage lending corporations] were buying over 50% of these loans in the 1990s, but as low interest rates infused more money into the system, hedge funds and other bankers got in the mix and wanted their share.

These easy loans created easy credit for investors who bought houses like crazy expecting to make a quick dollar on turnovers.

This created a lot of the default we now have, but this problem would not exist if credit measures were not relaxed to begin with in the name of helping the poor.

Those who thus tried to unwisely help the poor wound up hurting them and all other Americans.

  

April 9, 2009 -- Post Number One

JJ:

Good point Mr. Kopelowitz.

If we have a true fairness doctrine then it should cover all the media. Maybe Hollywood movies should also be included.

As it is, the Right only dominates in talk radio and Fox News.

The Left is so insecure in the power of their arguments that they cannot stand the Right having domination in any segment of the media -- especially talk radio where ideas are exchanged. There also is news brought to light there that the other media wants buried.

It is strange that the Left tries to associate the Right with censorship, and that may have been true in the 1950's, but now it is always the Left that wants to muffle free speech and actions that do not agree with their preconceived notions.

They have been censoring by defining what words are politically correct, what is hate speech, where people can smoke, what our students can read, which light bulbs we can use, what type of cars to drive, and on and on.

  

April 9, 2009 -- Post Number Two

JJ:

You touched my heart Shawna.

At this point the country does need to be saved.

There are a handful of enlightened and informed people who realize this. Hopefully they will speak up and help to create positive change.

I hear "Atlas Shrugged" has had an increase of sales since the meltdown.

Another lesser known book by Ayn Rand is "Capitalism, The Unknown Ideal."

Pure socialism, or communism has been tried in North Korea, Cuba and the Old Soviet Union, but we have never seen a country dominated by anything close to pure capitalism.

The closest thing to it was the first 120 years of this country, but no more.

It is sad indeed that in this increasingly socialistic country that capitalism gets unjust blame for all its ills.

A pure capitalistic system would amaze the world at the wealth, security and abundance that would be created. Socialism has had its chance.

Now it is capitalism's turn.

Perhaps the opportunity will come after the "Obama Depression" wakes a few people up.

  

April 9, 2009 -- Post Number Three

"Boiseriver" wrote:

Pure socialism and/or communism has never been achieved in any country, let alone the ones you mentioned. We just went through a period of near pure capitalism and are now paying for its rampage.

JJ:

The Old Soviet Union was pretty pure.

Capitalism was illegal and all that remained was social engineering.

On the other hand, a system has never existed where socialism was illegal.

If you think we just went through a period of pure capitalism then I have a good deal for you on buying the Boise River.

Obviously you do not have a clue as to what real capitalism is.

Any capitalism is obviously more than you want.

In a true capitalistic society, as envision by Ayn Rand, here are just a few things that would be privatized:

  1. Post Office.
  2. Public Schools.
  3. At least two thirds of government workers would be fired and any necessary work done by private enterprise.
  4. Public land would be managed by private companies -- most of it given back to the states.
  5. At least 90% of all regulations would be dropped everywhere.
  6. No graduated income tax.

Has any of this happened?

No.

Then you have seen nothing close to pure capitalism.

  

April 9, 2009 -- Post Number Four

"ConservoDem" wrote:

"Once again, the radical 'conservatives' ignore the fact that mainstream media is owned and directed by huge corporations, and therefore presents almost exclusively only the corporate view. The 'liberal media' is one of the myriad myths used by 'conservatives' to confuse citizens with lies. Too bad lying has been such an effective tool for 'conservatives.'"

JJ:

To "CD":  Most of the richest heads of corporations are Democrats, not Republicans -- take Bill Gates, Warren Buffet, and Steve Jobs for example.

Here are a handful of big corporate donors for Obama and the amount they gave:

(Source:  http://mrssatan.blogspot.com/2008/09/obamas-big-corporate-donors.html)

On August 21, 2008, a "New York Times" story, noted the following information:

"Records show that one-third of [Obama's] record-breaking haul has come from donations of $1,000 or more -- a total of $112 million, more than Sen. John McCain, Obama's Republican rival, or Sen. Hillary Rodham Clinton, his opponent in the Democratic primaries, raised in contributions of that size."

If you think there are a lot of right-wingers in positions of power at CNN, NBC, ABC and CBS then you are living in an alternate universe.

By the way, name just one of these lies you accuse me of.

  

April 9, 2009 -- Post Number Five

JJ:

Thanks "CD" for your reasonable answer. It sounds like you are as frustrated with the Democrats not living up to their ideals as conservatives are about the Republicans.

Even though our beliefs are different our feelings may be similar.

  

"There is no need to go to India or anywhere else to find peace. You will find that deep place of silence right in your room, your garden or even your bathtub."
  -- Elisabeth Kubler-Ross