Elizabeth Warren: intellectual fraud

Washington Examiner ^ | 10/10/11 | Michael Barone

[Nachum]

For those inclined to rhapsodize Harvard Law Professor and now Democratic Senate candidate Elizabeth Warren, it is a salutary experience—as salutary as a cold shower—to read this analysis of Warren’s major politically significant work by Atlantic blogger and brilliant student of economics Megan McArdle. Of Warren’s book The Two Income Trap, McArdle writes ” the deeper problem is that some of her evidence doesn't really support her thesis, and can be made to appear to support her thesis only by making some very weird choices about what metrics to use.” McArdle eviscerates Warren’s

[Paul Ross]

But the banks were just as free to NOT make those toxic MBS’s as the people were free to NOT buy a house at the top of a housing bubble

People moving didn't have a lot of choice on timing, typically.

As for the banks, what were they supposed to do with the bad debt that was forced on them? And that is very real despite Hillary Clinton's phoney defenses in Media Matters. They DID force banks to issue bad loans. as Obama himself accomplished

[Sparky1776]

“That is a direct quote from Warren during a debate with Brown. What’s wrong with that quote?”

I’m guessing the part where she hasn’t debated Brown yet?

[TruthConquers]

The banks didn’t HAVE to bite that poison fruit anymore than the uneducated subprime homebuyer.

Can’t have it both ways.

The banks should have DARED clintoon to make his own banks.

[MrB]

The problem is the regulators.
They could make it impossible for a bank to do business, or stay in business, if they didn’t cooperate.

Don’t be like leftists and deny that the power/policy that comes from government is out of the barrel of a gun.

[TruthConquers]

I know, and I agree.

The average person was unaware and just livning their life as they saw best. It was more a poke to the “you signed it, you pay for it” crowd. They are legion here.

And yes the banks were “encouraged” into making bad loans. They still didn’t HAVE to do it.

What would Clintoon done then? Who knows?

But, creating a system that the whole world is now interlinked into a banking system where when Greece defaults, the whole edifice across the world is at risk, was that necessary as well?
It certainly wasn’t the miniumn wage earners fault.
But the banks should have known better, that is for sure.

And then holding the US at gun point and DEMAND to be bailed out, otherwise known as TARP, they didn’t HAVE to do that either. And we the taxpayers are to pay for ALL OF IT????????

THAT is not what the Consitution is about.

So why is NO ONE, except maybe Ron Paul, pointing this out to the public? Why isn’t the right POINTING to the failure of SOCIALISM???

Why?

[TheOldLady]

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[TruthConquers]

I don’t deny that the government power comes from the point of a gun.

But the “blame the badly uninformed home buyer” crowd gets very loud here at FR.

And the banks DID have a choice. They could have not done it.

What would have happened if the majority of the banking industry had not gone along? Because they were Americans first and banks second? Would the average person in the street noticed if clintoon had to make their own banks to make these loans?

See, the banks may have been between a rock and a hard place, but they still had a choice. By going along, they gave clintoon cover. They even gave cover for MERS. They didn’t have to.

[TruthConquers]

I just thought of this.

That argument is very close to the “I was just following orders” line.

Sometimes, we make choices that are more important than, the government made me do it.

[Trailerpark Badass]

I don't agree, but I know the bankers are smarter than the regulators and figured out how to make a killing knowing the govt would HAVE to backstop those losses.

Are banks blameless, no, but that's why I hate when people say supporting free markets is pro-business. Free Markets are pro-consumer. "Regulating" business just lets unethical businesses know whom to bribe.

[MrB]

Rabbit trail to our discussion, but something that everyone should think about...

One of the “ends” of communism is that no one can get anything they want or need without going through “the party”, ie, the government controlled by the communists.

Banks make capitalism possible by allowing private businesses to obtain capital to DO business. It’s pretty obvious that one of the goals of this admin is to diminish or destroy private businesses.

Keep this in mind when going along with “the banks are the bad guys” rhetoric from the left. You’re playing into their hands.

[Reily]

Fist of all this “...The people on Wall Street broke this country...” is a misleading statement. It's either ignorance or deliberate misdirection, her being a Rat probably the later. First consider the history of "The Problem". It's all due to the USG (meaning politicians!) trying to be smarter then the market, they broke this country. It's politicians (almost always Rats!) pretending that economic laws/principles aren't real and breaking them have no consequences. Consider most of this financial situation is because of the housing industry meltdown (entitlements is another discussion!), the beginnings of this problem actually started with Jimmy Carter, when he got a bill passed that significantly loosened the financial qualification standards for home loans and set up FANNIE MAE & SALLIE MAE, government managed corporations (Goverment-managed, a recipe for financial failure if there ever was one!). Then the Clinton administration loosened it again, then the Pelosi led Congress did it again. Both McCain & Bush gave speeches pointing out the dangers! (McCain's speech was on You-tube through the 2008 campaign why his moronic campaign managers didn't use this to their advantage is beyond me!) Also under the Pelosi & Reid led Congress Sallie & Fannie became the private piggy banks of Dodd (every bit as corrupt as his father!) and Barney the Homosaur! (Barney had one of his lovers as a managing director of Fannie...sometimes the jokes write themselves!) Now remember all these loans are USG guaranteed, so the what the hack did the banksters care its not their job to correct government stupidity. They got to sell a heavily-leveraged, financial time bomb product at no risk to their institutions, so to they went wild selling it. Why wouldn't they? Again its not their job to correct stupid public policy! And yes the banksters lied about the underlying safety in these products and the financial integrity of the institutions handling them. Again lying and fraud carried no risks because Uncle Sucker was going to be there to pay the bills if they got caught. (In a rational financial word lying and fraud as a business methodology sends your institution into the financial crapper fast!) However this time it was different these things were now hyper-leveraged and hyper-underfunded, so the financial institutions played ‘hot potato’. Eventually it blew up!, and you had Bush doing something he fundamentally knew was wrong, his stimulus. Which he was talked into by USG-Banksters collusionists his Sec Treasury & Fed Chair. (I can't remember their names and I am not going to look them up!) The Zero's stimuli, plus his spending bills sucked more capital out of the economy and there you have it; Uncle Sucker's well is dry hole!

Perhaps Palin’s greatest contribution to the 2012 campaign is her speech regarding “crony capitalism”, it's a huge huge problem. Both parties do it, the Rats are just utterly hypocritical about it. Their popular notion is the Wall Street fat-cats are all GOP’ers and finance GOP troglydite policies. (and they all look like the little millionaire guy on the Monopoly board!) The real truth is, Wall Street has been Rat for many election cycles now (So has been the big corporations, example GE!) The GOP is almost exclusively the party of the small business guy or gal. The best examples in my mind of Rat-Wall Street footsie is Rahm Emanuel's job after the Clinton administration where he left Congress to make some money for his family. He went and made a cool $24M on Wall Street. (I forget which Wall Street giant he worked for!) This guy has a ballet degree, you think he got hired to do plies (pronounced plee aa) for the corporate board? Then there is Chelsea Clinton who went from getting her degree in French Literature at Brown to a 6 figure plus Wall Street job. Do you think she was hired to give translations and dramatic readings of Moliere to the day traders. They were hired for their influence and influence alone! Crony capitalism at its finest! When you legislate the regulation of buying and selling, soon its legislators that are bought and sold!

Warren is just another in a long line of Rat hypocrites regarding Wall Street. Another part of that speech, "..one lousy mortgage at a time.." the utter hypocrisy in that speech it was her fellow Rat politicians (with the cowardly RINOs saying Me too!), that created the conditions that allowed those lousy mortgages to be sold. also don't forget the pressure on banks (where a lending officer might go to jail for failure to comply!!)to sell to financially unqualified buyers. Also remember our TOTUS during his community organizing days led that particular campaign in the Chicago area! Until she properly identifies all the culprits in a speech she is just another hypocritical Rat fraud! She just wants her turn at having her snout in the "Wall Street Bankster-politician" trough. That speech is her saying to Wall Street, 'I want a big check from you guys or jobs for my pals!' Brown is somewhat better, at least seems trainable in free market principles, but both are wretched lawyers!

[alice_in_bubbaland]

LOL! Yep, she’s a moron!

[cuban leaf]

The two things I like about Warren:

Her teaching on the two income family.
Her teaching on the “real” inflation hitting middle class families.

I’ve gotten a good education about her regarding other areas of belief/teaching.

[Paul Ross]

The "right" is pointing. But then being berated by the RINOs...who are far more than just the obvious democRATs posing as GOPers, those Senators from New Hampshire and Maine. They are 'the bigwigs' such as John Boehner and Newt Gingrich.

And many more. I also, over the last 3-5 years, have grown in fear that my own congressman, John Kline, is either a turncoat or a RINO. He NEVER supported Michelle Bachmann when she was slashed endlessly by the local communist controlled television media in Minnesota, or the obvious radicals in the newspapers...and this all started years before their national defamation campaigns against Sara Palin.

At a GOP fundraiser some five months ago before Boenher and his coterie betrayed us on the debt limit increase, our surprisingly solid conservative winner of the 8th District, spoke sternly from the pulpit about how we needed to drastically stop the overspending and debt increases...and John Kline who had minimally helped the guy get his start...instead of smiling and cheering...had his face down, scowling, towards his hands...and when he spoke he never once mentioned the debt limit issue. He of course was in lockstep with Boehner.

If there is no protection of the value of our currency as they print more and borrow more debt...then there obviously is nothing protecting the value of our possessions either.

[Reily]

Obviously you didn’t understand a thing I wrote!

[cuban leaf]

—Obviously you didn’t understand a thing I wrote!—

I understood it. :-D

[Reily]

Wrong! Ever hear of “red lining” that was the clarion call of Jesse and Zero back in his community organizing days!
Banks & other lending institutions were found not to be issuing mortgages at a sufficiently high number to satisfy the moral paragons of the Rat part. Clinton and his crowd got a bill passed that punished banks & lending institutions if they didn't meet the required numbers. Of course this threshold had nothing to do with the ability of the lendees to pay. Another example of Rat politicians (and I guarantee RINOS where involved!) pretending these actions didn't have fiscal consequences. (heck the politicians would suffer it would be the lending institutions their Scrooge McDuck owners & shareholders...oh yeah the employees might suffer a little to, lick job loss but it was all for the greater good!) It was just a number to get the regulators off their backs. Financial institutions were punished by the regulators in various ways (including jail!)for refusing to play ball.

[Reily]

ok
It seemed you were still impressed by Warren, when I read your response. I stand corrected.

[TruthConquers]

I don’t disagree that the OccupyWallStreet crowd are not conservatives.

But that the banks are blameless, and hold no responsibility for what is happening, is not good either.

They have been captured by their own giving of campaign funds to Ozero. They bought him. They own him. They seem to be on the side of the coming National Socialism they all seem to want. The banks don’t care. They will be in a position to buy who and want they want, for handing over the country to the marxists.

Don’t let the hippies rerun OccupyWallStreet crowd muddy the waters.
It is theater for the masses when they take over.
Its booze for the right, and misdirection.

[MrB]

We’re somewhat on the same page, I guess.
The goal of the communists is to nationalize all credit (it’s one of the big 10 in their manifesto),

and coercing the banks into coming under nationalization would do just that. They indeed seem to be not “fighting the inevitable” and are jockying for favor under the new nationalization process.