Rep. Mark Buesgens has a month to redeem his foreclosed home

• Kirk: Do you really think I give a shit about what your ex girlfriend says?  Any woman who would talk to you demonstrates a complete lack of judgement.  Do you really think I care about what the Democrats say?  Nope.  And, guess what, I don't give a fuck about what Barney Frank says either.  Is he an economist?  No.  Is he a banker?  No.  Does he have any experience working in either the capital or debt markets?  No.  He' a career politician with a fucking law degree...which makes him like almost every other asshole with a law degree...he thinks he knows everything.  In fact his law degree sounds a lot like your GED.  Anyway, banks loosened lending standards so they could bundle the loans and sell them to someone else.  The demand for these mortgage-backed securities came from a bucket of money equaling almost $80 Trillion dollars.  To put that in perspective, the GDP of the United States is ~ $14 trillion.  So the demand for mortgage backed securities came from a bucket of assets ~ 6 times the size of the US economy.  When you have a demand this size it doesn't matter whether or not Bill Clinton thinks people should own homes.  The amount of investable assets in the World DOUBLED in about 5 years!  Poor countries got rich and they wanted to invest in the US housing market.  It's that fucking simple.  So banks sold mortgages to meet the demand for mortgage backed securities.  It's not my opinion or "theory", it's a fucking fact.  But, of course, you don't understand that because your academic resources are Businessweek, People Magazine, and Childrens Highlights.    By the way, most banks were not insolvent, their assets were illiquid.  There's a difference.  And why would you borrow money to someone you know can't pay it back?  It doesn't matter if they can't pay it back if you sell their debt to someone else tomorrow.  You make money off of the transaction and not the interest.  "But, sniffle sniffle, that's not fair" says the Kirkian economist.  When you sell sophisticated investments to sophisticated investors (like central banks), it is the investor's job to understand the risk.  It is the investment bank's job to create the marketplace to find the price, that's it.  It's very much the same way it isn't really Best Buy's job to determine whether or not Toshiba makes a good TV.  It's their job to create the marketplace that finds the price at which people will buy a Toshiba TV (and make a little off of the transaction).  If you couple these things with an intentionally deregulated financial system that doesn't separate commercial banks from investment banks, bad things happen.  When you think a free market will regulate itself on its own, bad things happen.  When you don't control the amount of leverage a bank can have, bad things happen.  When people don't understand that rates adjust on adjustable rate mortgages, bad things happen.  When a society (including you, Kirk) thinks they're entitled to live beyond their means, bad things happen.  When lawyers think they're economists, bad things happen.  When lawyers think they're doctors, bad things happen.  When lawyers think they're accountants, bad things happen.  When you, Kirk, turn on your computer, bad things happen. Why would someone borrow money they know they can't pay back?  You tell me.  You've said you need handouts from friends so you can keep your "pretty nice house in a pretty nice neighborhood."  When I bought my house I qualified for three times as much money as I borrowed.  Why didn't I borrow it all?  Because I'm not a fucking idiot.  But, but, but, but the Democrats.  Fuck you!

• Yes the lenders were!   I dated a underwriter from the largest and the Most prominent mortgage company in the state back in 2007.  Mortgage companies WERE told by the leaders to NOT scrutinize borrowers by the lenders (the banks).    Ok people, here is the bullet that will shoot a hole through jww whole theory in which he was spoon fed lies.  So jww, you're saying the bank knowingly got rich today, so they could fail tomorrow?  Why would you knowingly borrow money to a person who you know cant pay it back?  So they could trade mortgage-backed securities?   Knowing they would eventually also fail and thus bring their bank to their knees?  Did the EVIL architects of the twisted logic all bail with the cash, leaving the banks to fail?"   A fuck you to their former employer? It all started with the 1977 Community Reinvestment Act (CRA) Look at this from businessweek - Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national home ownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place and -  In 2003 the Bush administration introduced the plan and it was well received by Fannie Mae and its leading rivals.  It was criticized by the Democrats in Congress and National Association of Home Builders who feared "that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing."   Congressman Barney Frank stated that they two major lenders were not facing any financial crisis at the time. and- Barney Frank 2003 in response to Bush administration overhaul plan.   “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” GOOGLE IT!   Watch the Democrats deny ANY problems with the housing financial system back in 2003 on YOUTUBE (video from c-span) So fool, what about my ill logic now? HA HA HA Of course Green23 liked your comments.  Both in the same boat bound for the land of stupid.

• Kirk: You really don't know what the fuck you are talking about...as usual.  The housing bubble was created by an overwhelming demand for mortgage-backed securities, which cannot be created without, you guessed it, mortgages.  This demand was created by the fact that the amount of world-wide investable assets doubled from years (roughly) 2000-2004 because people like you really like buying $20 DVD players and central banks in places like China and India suddenly had an excess of assets. Like anybody else, these banks were looking to invest them.  The federal reserve was paying no interest at the time (thanks largely to your hero George W and no thanks to over-rated Al Greenspan).  So, they (the central banks and others) looked for an alternative low-risk, high-yielding investment strategy: the US housing market ...which historically had a default rate of about 2%.  Well, like I mentioned, you can't have mortgage-backed securities without mortgages.  So to satisfy the apetite for more mortgage-backed securities, banks loosened their lending standards.  They bundled the mortgages and sold them as mortgage-backed securites and also used them as collateral (leverage).  They built the mortgage-backed securities with an assumed default rate of around 12% knowing that if that rate wasn't exceeded everything would be fine.  The default rate went to ~ 20% and everybody panicked.  Nobody was willing to loan money to anybody else and this is what created the fear that the credit markets would freeze.  So the goverment stepped in and infused cash into the system.  Then they bought the mortgage-backed securities that were, at the time, of indeterminate value.  This was TARP.  And it WORKED.  George W. Bush made it happen and it is the ONLY smart thing he did in 8 years.  Whether you like it or not, had the government not infused money into the banking system, the financial crisis of 2008 would have been identical to The Great Depression.  Look it up if you don't believe me. The financial crisis/housing bubble was created by a free-market mechanism that is as simple as a demand for mortgage-backed securites and the loose banking standards that were needed to create the supply.  There were no government policies that FORCED any banks or mortgage companies to do anything.  But, of course, they don't teach this shit at Glenn Beck University.  Glenn and others want you to believe that you're the victim of some partisan conspiracy.  They prey upon people like you because they know how gullible and afraid you are.  They also assume that you aren't very bright....and, well, it's pretty obvious that they are right. And didn't you say that you need hand-outs from friends and family so you can keep your "pretty nice house in a pretty nice neighborhood"?  So were you borrowing money you knew you couldn't pay back or are you, yet again, the victim?  Funny how your posts seem to have such a theme of victimization.  Poor you.  Feel free to add any of this to your bumper-sticker inventory. Good stuff, people, good stuff!  (Notice the need for two commas)

• He didn't say anything racist or stupid, so how exactly is he like a tea party member?   I didn't see him make fun of any dead children or lie which is how you contribute to the comment section here so I don't get your tea party thing.    He didn't even mention how being gay is a choice or Hezzbollah is giving missiles to Cuba so how exactly are those statements like the tea party?   Do you know this person?   Maybe they haven't paid their child support like Tea Party Congressmen Joe Walsh (R-IL).   Is that it kirk?    Cause to this smart liberal it looks like the Tea Party is a bunch of crazy idiots (Michele Bachmann) or evil people (Joe Walsh).   Oh wait, I forgot its filled with con artists too!   Buy Sarah Palin's or Herman Cain's or Michele Bachmann's new book you stupid sheep oops I mean tea party folks.   

• Welcome to the tea party my friend! Your ideas would fit in well there.

• Well Kirk, If you think we are not going to be taking to the streets because President Obama has been part of the problem then you just don't get it. The point to the story clearly is a republican leader faces the same problems as Minnesotans he probably has no sympathy for and probably has a goal of making things worse for regular folks in lieu of banks making greater profits. The home looks pretty ridiculous and as a probably Christian man he needs to avoid his desire for Kingly Ambitions and GREED himself. I like how your logic places all of the blame on Democrats. The two party system has created sheepish well intended people and republicans. 

• I hear he is now outfitting himself in hemp garb and patchouli oil.  He will be attending the OccupyMN protests in Minneapolis this weekend.  Because CLEARLY this is the fault of corporate GREED and NONE of his own doing. This poor man, having been victimized by the giveaway policies of the democrat party.  Democrat policies that Forced mortgage companies and banks to lend to people that CLEARLY could not afford to pay the money back.  Bad credit = No problem! No money to put down = No problem! No work history = No problem! Ya Mr. Frank, Ya Mr. Dodd, I'm talking about you. Barney Frank in 2003 - ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' President Bush proposed regulatory reforms in 2003, but Congress took no action. In 2005, John McCain and three other GOP senators proposed a strong reform bill. It died when Democrats threatened a filibuster. The principal recipient of Fannie Mae's largesse was Sen. Chris Dodd (D., Conn.), chairman of the Senate Banking Committee. No. 2 was Barack Obama. Mr. Dodd was also the second largest recipient in the Senate of contributions from Countrywide's political action committee and its employees, and the recipient of a home loan from Countrywide at well below market rates. The No. 1 senator on Countrywide's list? Barack Obama. Good stuff people, good stuff!

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