Senator Warren questions criminally negligent Federal official who let approximately 12 trillion dol

[Baobab]

Senator Elizabeth Warren questions Leonard Chanin at Banking Hearing on Consumer Finance Regulations-squ2SAhziPo

[Plucketeer]

1. My hope?

Is that Ms. Warren's still around to take the helm from Bernie when his eight years are up.

[zentrum]

6. Exactly.

[mountain grammy]

19. My hope?

She will be Bernie's running mate.. laugh at me, I don't care. It's my hope.

[LittleGirl]

22. my dream ticket! eom

[turbinetree]

25. I hear you--------------------------------

this country needs a partnership of what needs to be straighten out, and these two individuals have that in mind, calling the kettle black is calling the kettle black------------------------

And I am not laughing at you, I stand beside you--------------------- we are just two of millions that share that hope


Honk----------------------for a political revolution Bernie 2016

[840high]

39. Dea God - YES

[laserhaas]

48. It's not a joke. Most who touted "she serves U.S. better - where she is"

are hill'bots who were scared to death Warren would run and/or join/support Bernie.

[mountain grammy]

49. and I don't buy it for a minute.

she'll serve us better on the national ticket, and we all know it.

[laserhaas]

50. Correct. One Senator at the task - or one Vice President at the task

It is as black & white as

Person running for POTUS worth $100 million - claiming to be dedicated politician for the people

Or - POTUS candidate in politics for more than 30 years - being worth less than $1 million.

[SharonAnn]

51. No, she has an incredible voice in the Senate which is needed to support a Dem president

It's not that she isn't terrific. It's that we need voices in the Presidency, the Senate, and the House that support Democratic goals.
We would gain her in the Presidency and lose her in the Senate.

[1StrongBlackMan]

53. No ... those touting "she serves U.S. better - where she is" ...

recognize what she does ... being in the Senate allows her to focus all of her attention on a narrow (though important) set of issues; whereas, the Presidency or (and to a lesser extent) Vice Presidency, requires a more defused focus.

[1StrongBlackMan]

58. What? ...

I have said (seemingly) a million times, I was a O'Malley supporter ... and when, he got out of the race, I did not vote in my state's primary.

When/where have I EVER said (other than, should she be the Democratic nominee) that I support HRC?

BTW, the DUers that insist that I am a HRC supporter, are the same DUers calling Black voters "low information voters" and Stockholm Suffers and call me "divisive" ... so, I recommend choosing who you listen to more carefully.

[laserhaas]

59. Bull Chit -- Maybe your not the same Twitter "1StrongBlackMan" I blocked... IF SO - sorry

But you can NEVER accuse me of being a bigot.

I fight - OFTEN - that the key to salvation for all non whites, is a rock solid education

Which is what ever WASP fears...... educated masses..

As George Carlin said, - they wan't all of U.S. to be just smart enough to do grunt jobs.

Have said, dozens of times that - during desegregation - I was only white, in NYC school; and I didn't receive 1/100th of the abuse and racism that we see - This DAY...


Your A=B is a fallacy.......

Warren in the Senate is a barking dog with little teeth.

As VP (and hence future Presidency) she would serve all of U.S. - much better.

And that logic is FAR from fallacious

[1StrongBlackMan]

60. I have never used Twitter in my life ...

I have only accused 3 (now former) DUers of being racists/bigots and then, I didn't call them racists ... I pointed out that what they had written (and re-written) was racist.

Your A=B is a fallacy.......

Warren in the Senate is a barking dog with little teeth.

As VP (and hence future Presidency) she would serve all of U.S. - much better.

And that logic is FAR from fallacious

I disagree.

[laserhaas]

61. Your note has been taken and my original misquote deleted.. Be that as it may

you're disagreeing -

fine.

EOD

[pnwmom]

38. She'll be 76.

I doubt she'll want to be President then, since she didn't have the fire in her belly this time around.

[laserhaas]

47. HOPE for 8 years Bernie and 8 Years of Warren

What a wonderful transformation of our world - such would be.

[JEB]

2. And here's your lunch, asswipe.

[Equinox Moon]

3. She is impressive! Amazing work

We need a legislator full of Warren's and Sanders'

[Baobab]

4. Many, many many more

"kickass" legislators who take no BS from these banks and their sycophants.



Arggggh,,,

[vanlassie]

5. Kicking the hell out of this.

[Ferd Berfel]

7. THIS is who must be the FIRST Female President!

Not the corporate stooge running now.

I"m looking forward to supporting her down the road. But right now Bernie is the one we need to start cleaning up this 'conservative' pragmatic mess and set the stage for Warren to complete the job

[Equinox Moon]

8. She is easy to listen to

even when she is angry.

[Ferd Berfel]

9. It's easy to listen to someone

who is correct most of the time and is on you side

[DrBulldog]

17. Exactly. Exactly like Bernie.

[greiner3]

10. Lost track how many times she called him failure

Surprised she didn't give the L sign to her forehead

[Akamai]

11. Wow! Heavy lumber laid on Chanin by the wonderful Elizabeth Warren!

Very, very impressive points Senator Warren is making! Super job!

Go Bernie!!!

[Indydem]

12. Dishonest and deceptive.

Subprime loans were not a major driver of the financial crisis; no more than prime loans.

Further, while there was an uptick in foreclosure a in 2006 and on, they were pretty much equally spread across the prime and subprime markets. There was no clear data to suggest SP loans were the problem, because they weren't.

Warren is really following Repuke talking points here, blaming subprime mortgages (often given to poorer people with less secure credit histories) as the source of the collapse. That is just wrong and plays right into the right wing effort to blame the poor and homeowners for the collapse.

She is dispicable.

Source:

http://fortune.com/2015/06/17/subprime-mortgage-recession/

[litlbilly]

15. you are a discrace to humanity

[LittleGirl]

23. Yup. eom

[BeanMusical]

43. I tend to agree.

[gregcrawford]

16. It is impossible to count the ways...

... in which you are so monumentally WRONG.

[Indydem]

18. Care to actually prove it?

Just saying it does not make it true.

[kristopher]

26. You're right, just saying it doesn't make it true.

We have you offering a publication put out by and for the people who caused the depression, and we have an eminent, highly respected academic specializing in the problem who was recruited to lead the policy effort to address the causes of the depression.
Facing monumental opposition from the political hacks doing the bidding of the culprits, she then decides to enter the political arena not to enrich herself as the political flaks working for the 1%a are doing, but expressly to continue the effort to implement the changes she developed to fix the problem.

Gee, I wonder who might be lying about their position. The corporatists seeking to enhance their bottom line at anyone's expense or Senator Warren?

Not even a close call.

Now if you have a REAL argument to make, please proceed.

[gregcrawford]

32. Just saw your response...

... and I was about to explain it in simple terms you might understand, but a bunch of other people beat me to it with very succinct explanations, and cool charts.

[appalachiablue]

29. Then what was it about, turnip securities and peanut butter futures? Everyone knew

the dangers of sub prime loans, the housing bubble, high defaults and the loans packaged as synthetic, derivative financial products, MBS and CDOs, Mortgage Backed Securities (created late 70s) and Collateralized Debt Obligations- --the regulators, rating agencies and economists were wise to the hazard by 2005-06 if not earlier. So the scheme of high risk subprime mortgages and widespread fraud, including 'no doc, no money down' Liar Loans peddled especially to vulnerable populations came to pass and all Hell broke out. Who you trying to kid?


-US economist Nouriel Roubini was one who warned of the housing bubble in 2006, received criticism and was correct.
Wiki: Economic forecast: Roubini is one of few economists who predicted the housing bubble crash of 2007-2008. He warned about the crisis in an IMF position paper in 2006 [8] Roubini's predictions have earned him the nicknames "Dr. Doom" and "permabear" in the media.[

-->In 2008, Fortune magazine wrote, "In 2005 Roubini said home prices were riding a speculative wave that would soon sink the economy. Back then the professor was called a Cassandra. Now he's a sage".[9] The New York Times notes that he foresaw "homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt".[2]
In September 2006, he warned a skeptical IMF that "the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence, and, ultimately, a deep recession". Nobel laureate Paul Krugman adds that his once "seemingly outlandish" predictions have been matched "or even exceeded by reality."[10]
https://en.wikipedia.org/wiki/Nouriel_Roubini
______
Top officials in government and in the private financial sector also were very aware, saw the warnings and the writing on the wall. It explains why Greenspan left the Fed in 2006 before his term was up, there since 1987 under Reagan; at Lehman Bros. CEO Richard Fuld cashed out over *$1Million Plus in exec. stock options in one year- 2006 (see Chart in Video below) as Rep. Henry Waxman pointed out in his Congressional hearing; and some executives at Fraudie Mae and Freddie Kruger also departed between 2006-2008---with their exec bonus stock options in tact and in hand.

Sen. Elizabeth Warren is not despicable, she's doing her job representing the American people and trying to expose the systemic corruption and fraud that caused the loss of $14Trillion, including people's homes, savings, retirement funds, jobs and all creation.

Freddie Mac CFO David Kellermann Commits Suicide in Vienna, VA Home, April 22, 2009.
http://money.cnn.com/2009/04/22/news/Freddie_Mac_CFO/index.htm?postversion=2009042213

Failed Lehman Brothers Investment Bank Fmr. CEO Richard Fuld testifies Before Congress and is questioned about his executive compensation salary and bonus stock options. Rep. Henry Waxman (D-CA) asks Fuld, "But you get to keep $480 Million Dollars...Is this fair?' Oct. 2008. ~ Shareholders, employees and millions of Americans got wiped out.

[JDPriestly]

36. And at that time, the Bush administration and Obama (who does not know that much about

economics) had the chance to break up the big banks without questions being asked and without a lot of legal challenges.

Instead they consolidated banks, and so, now, if the banks follow an unwise investment policy as they did in the early 2000s and maybe in the 1990s, we will have another huge crash.

We need more and smaller banks.

I favor having some state-owned banks to balance things out. They could serve low-income savers too.

The Post Office accounts would be another possibility.

But all of these things are likely to be impossible if we agree to the trade agreements now in the works because they may bar us from publicly owned enterprises of that sort. Remains to be seen but that is the rumor. And it comes from credible sources.

[Festivito]

30. I'm seeing strawman, red herring combined with bad analogy.

She did not say "major driver." Your strawman did.

Her point does not require that subprime are major drivers. Thus the strawman is an illogical strawman while also being a bad analogy.

All of which is a smoke screen hiding the real problem, the overseer -- like some overly red herring hiding what should be a red-faced overseer.

[Baobab]

31. There is a global consensus on this- also on GATS-which was bl the US repeal of Glass-Steagall Act.

Its also blocking us from fixing the problem now-

You are wrong, sorry.

https://www.citizen.org/documents/memo-gats-conflict-with-bank-size-limits-may-10-2011.pdf

https://www.citizen.org/documents/Memo%20-%20Unanswered%20questions%20memo%20for%20Geneva.pdf

[JDPriestly]

35. Then what do you think caused the 2008 recession?

I don't blame the homeowners. We were already somewhat in recession in 2000 due to the dot.com crash in my opinion.

The Bush administration tried to goose the economy with lots of housing sales and made money available for that purpose. That caused the rise in housing prices and the flood of mortgages that could not be paid back.

When housing prices rise at rates higher than wages, the wage earners who owe on the mortgages on the over-priced houses get into trouble about paying their mortgages.

The fault is in those who observe the economy and don't put the obvious conflict between stagnant wages and rapidly rising housing prices together to realize that a crash is inevitable.

Do you agree with me? If not, . . .

what do you blame for the 2008 recession.

[Baobab]

42. It was THEFT - a huge THEFT from the taxpayers and small investors - GATS

GATS for which we can thank the people who pushed it

[JDPriestly]

44. Ultimatey, perhaps yes.

[MrMickeysMom]

13. Up YOUR ass, Lenny!

KICK this!!!

These motherfuckers should be strung up and summarily left to rot as we all throw tomatoes at them. Attach one end of the rope from those bull horns on Wall Street and take it all the way up their asses with a red hot poker.

Fucking criminals.

[Helen Borg]

14. Well done, but...

Is that going to block greasy Chanin?

[99th_Monkey]

20. KICK!!!!! Sen. Warren is a joy to watch, when doing an epic take-down. n/t

[oasis]

21. Blistering attack by Warren. A must see. (eom)

[LittleGirl]

24. Every time

I see Sen Warren, I gain more respect for her. If SHE was running for President, she'd be my first choice, then Bernie.

[catchnrelease]

27. Wow

He's a smug condescending jerk! Glad the good senator was able to rip him a new one! He deserved that.

[Laffy Kat]

28. Handed his ass to him. nt

[chervilant]

33. Leonard Chanin should be in prison. n/t

[Uncle Joe]

34. Kicked and recommended.

Thanks for the thread, Baobab.

[zentrum]

37. Wish she would be the

….first woman President.

[Spitfire of ATJ]

40. Oh come on Ms Warren,...you're not surprised at all.

[GoneFishin]

41. Holy shit. She must have been out of gum. She kicked his ass. Next to Bernie I vote for her.

[colorado_ufo]

45. ". . . that frankly raises more questions about your judgment."

Don't hold back, Sen. Warren; tell us how you really feel!

So he was just as surprised as anybody when the housing market went to hell? Was he in a coma? I used to subscribe to The Guardian, and there were articles in that publication far in advance (maybe two years?) of here about the situation that was heating up regarding derivatives and other risky financial products.

[Scuba]

46. Now that's an impressive ass-kicking!

[laserhaas]

52. Scuba states it - succinctly

Nice to see you out and about.

Bet ya can't guess my new strategy (thread coming today)

[Scuba]

54. I'll look for it. Always pulling for you laserhaas, 'cause I know you're pulling for all of us!

[laserhaas]

57. Somebody has to. You won't believe how many journos (including ones we adore)

are scared to death - to tell our entire tale.

That's why we suffer from this Wall Street fraud covered up by DOJ revolving door - chit. (hint hint)

[Yo_Mama]

55. Why can't she ever do her homework and get it right? This is so frustrating!

It was not until later in 2007 (Q3) that delinquencies even rose above the 2.25 rate, where they were in the "good years" of the 90s. Delinquencies come before defaults:
http://www.federalreserve.gov/releases/chargeoff/delallsa.htm

Home loan delinquencies were way below the historical norm for all of 2006.

Because she doesn't ever deal with the details, she constantly ends up looking like a fool, nor can she figure out where Congress and good regulation would make a real difference.

While credit is easing, you won't see the problems. Effective regulation has to precede rising delinquencies, or when credit tightens people get wrecked. Once credit tightened in 2007, a bunch of borrowers went under. If the Fed had tried to tighten regs in late 2007, it would have caused worse damage.

And btw, Congress and both Clinton and Bush were pushing variable rate loans and easing mortgage standards. It wasn't just the Fed. It wasn't just subprime, and in the end, more "prime" borrowers were hurt than subprime borrowers.

What Congress, the Fed, and two presidents did was to blow an asset bubble ever higher. It was Congressional leaders who pushed Fannie and Freddie to buy all the subprime paper, esp in 2007, thus tipping them over. Congress was more implicated in the depth of this than the Fed, in large part because half of them were making money off it.

But the takeaway is that effective regulation must be in place to cover a long time frame, and that it cannot work if it is reactive for credit. By the time the credit cycle has turned negative and defaults begin to rise, regulatory tightening will precipitate more losses.

This is important to know, especially since the push is on to make ever riskier home mortgages right now.