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Thank you for pointing that out. Bush tried fighting Congress on this debacle, but the Dems like Dodd, Frank and Kennedy were too powerful and too entrenched and he was unsuccessful. You can lay the entire mess at the feet of Bill Clinton, Barney Frank and Christopher Dodd. Alan Greenspan was also complicit.
Thank you for pointing that out. Bush tried fighting Congress on this debacle, but the Dems like Dodd, Frank and Kennedy were too powerful and too entrenched and he was unsuccessful. You can lay the entire mess at the feet of Bill Clinton, Barney Frank and Christopher Dodd. Alan Greenspan was also complicit.
Upside, the loans you write about were just one factor in the problem. I was in the mortgage industry for 35 years and lived through the whole debacle. We knew the new subprime mortgages were a mistake, but the government used the CRA as a club to force us to underwrite them. There are a number of things that make a loan sub-prime, but being an ARM is not one of them. We underwrote ARMs since the 1970's, although initially the borrower gad to be able to afford the loan including a couple of rate increases. During the Clinton Administration that changed to being the borrower only had to be able to afford the low teaser rate, which was good for anywhere from six months to a year. The interest-only mortgage provided for the borrower to only make interest payments for the first five years, at which point the principal payments would be required as well, and those would be amortized over 25 years. The bank I worked for would not grant those loans to a subprime borrower, but I know other banks did. I also made it very clear to the borrower what would happen and how much their payments would be when the five year interest-only period was up. Subprime is about the borrower, not the loan type. It is generally someone with a poor credit history, or spotty employment, or high debt load, no down payment, etc.
If the candidate can't reach the conservative base of their own party but instead runs as Democrat Lite, they will end up the way John McCain and Romney did. Sorry, but there are a lot of independents and Libertarians out here who will vote for a conservative, but NOT for Hillary, Jr. And Bush better wake up to the fact that the open love affair the Bushies are having with the Clintons is going to DESTROY any chance Jeb may have.
In response to:

Quit Quitting Your Job

DG in GA Wrote: Jan 16, 2015 10:01 AM
Hey Volunteer, You expressed my thoughts too. I hear a lot of unemployed hipsters talking about how they are still trying to figure out "what they love" to do, and how they saw their parents working 80 hours a week, neglecting the family, blah, blah, blah and they don't want to live their lives like that. One of the "kids" I heard say this is 35 and, yes, lives with Mommy & Daddy in a very nice home, he drives a very nice car, has an Ivy League education and does ABSOLUTELY NOTHING!!! When I pointed out to him that without Mom & Dad's hard work, he wouldn't have the lifestyle he enjoys, he spouted the current Chelsea Clinton-endorsed line that he doesn't care about money. He has tried, but he just can't bring himself to be money-focused. OF COURSE HE CAN'T! He doesn't have to! But he sure as heck enjoys the lifestyle at Mom & Dad's. And he really liked College. He just doesn't like WORKING!
In response to:

Why All the Love for George Clooney?

DG in GA Wrote: Jan 15, 2015 12:46 PM
Kris, I, too, married an older man, one who had been married once before when he was very young. He always says I may not have been the first, but I am the best and the last. He is my first and only hubby. I agree that George Clooney is creepy, and, I suspect, is gay. A lot of people in Hollywood suspect he is gay. But George has expressed interest in running for public office, and one of the first things gay men do when they want to seek office is get married. Preferably get married and get her pregnant. Well, check and check. Why is George in the news so much? He has a good publicist on retainer. He has a lot of money to ensure that his opinions make it in the paper (no matter what they are) and that everything he does that he wants publicized gets publicized. He is wealthy and powerful enough that everything he wants kept a secret is kept secret. As for Amal, I figure they will be married until she gets fed up or until he gets what he wants out of her and is ready to cast her aside. Either way, she will be paid well for her time.
Larry, the reason the French government finds it necessary to subsidize businesses hiring younger workers, is because the French government has a regulation whereby young workers, once hired, cannot be fired unless they kill someone, or do something equally egregious. If the American government had similar requirements (and they almost do) they would have to subsidize the businesses hiring those people as well. I see article after article whining about the unemployment rate among young black men, and I know (as an HR person) that a couple of reason for that are 1) they don't WANT to get jobs and 2) when they do get hired, the company sets themselves up for years of discrimination complaints and possible lawsuits. Why would you deliberately hire someone like that? I can usually tell in an interview which candidates are likely to be EEOC problems, and I try hard not to hire those people. This does not mean I don't hire any blacks, but I sure don't hire any who have an obvious chip on their shoulders about being black.
My son went to Georgia Tech for his Masters in Engineering. He said most of his fellow students were Asian, largely Korean. It was a challenge for him when the prof assigned group projects, because he'd have to work with the Korean students who barely spoke English.
I noticed a trend toward this when I was in college in the 70's. While my alma mater (a small college) prides itself on incoming freshman graduating in four years, friends of mine who went to the big state universities said the university made it virtually impossible to graduate in four years. You had to spend the first two years taking all of the "general studies" stuff. Then, during your sophomore year, you could apply to the College of whatever you wanted to major in. That "College" could reject you, which would then put you in the position of 1) having to take more general studies classes, AND 2) having to wait until the NEXT semester to apply to either the same College or another College to get your major. You could only apply to one College per semester, and, if rejected, had to wait another semester. I had friends from high school who took seven YEARS to get their B.A. or B.S. degrees. At my small college you declared your major by filling out a form and submitting it to the major department. If you were a student in good standing at the college, you could then take classes in that major. If you wanted to change your major, you just filled out another form. Period.
Jerry, you sure have THAT right! Plus, if you hire kids from Ivy League or California schools, you are pretty much guaranteeing that they will be entitled brats who think they are the smartest person in the room, no matter what. Who needs that at work? You can hire a nice kid from a state university in the Midwest who will be more likely to appreciate the job opportunity. I prefer to hire graduates of small Christian colleges.
Even those with college degrees are about the equivalent of a high school diploma 40 years ago. I am in a position to be hiring people who need to have strong writing and public speaking skills. I require multiple writing samples of every candidate. It has been my observation that in the past 20 years or so, a college degree does NOT mean you have any writing skills whatsoever. I have had candidates with Master's degrees who cannot write a coherent sentence. Some candidates submit writing samples that were clearly written by someone else. One woman submitted three samples, each of which was written by a different person. I could easily tell that different people wrote the samples, AND that she did not write any of them. She was shocked and argued with me that it was impossible for me to know that. I told her that I could tell from our interview that her grammar skills and vocabulary were sorely lacking. I also told her that when you write, you convey a "voice." Everyone writes in their own voice. She filed a complaint of racial discrimination against me, and I had to prove in a deposition that I could indeed tell which samples were written by which candidates. Bottom line, when a COLLEGE has to have remedial reading, writing and math classes, they are accepting students who do not belong in college. Period. My alma mater still has high standards for admission. They are also proud of the fact that 96% of incoming freshman will complete a four-year degree in four years. They don't accept anyone who can't do the work. Unfortunately they are being pressured by the Department of Education to "relax" their standards because they don't have enough "diversity" among the student body. Great. Let's dumb down the student body, which will require dumbing down the coursework so the dumber kids can pass the classes, all because we don't have enough black faces on campus.
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