Anti-tax crusader David Strom says the mortgage crisis never would have happened without those pesky civil rights laws.
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Related Posts: Strom: “Obama is clearly the candidate Republicans should be afraid of”, Dude Hosting Bush-Coleman Fundraiser Sounds Like A Nice Guy, BREAKING: No Special Session, Pawlenty to Sign Most Major Bills, The Republicans Are Afraid, Very Afraid #2, Obama Opens Offices in Minneapolis and Duluth,
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What an asshat.
Anti-redlining laws do not require mortgage companies to lend to high-risk borrowers. They prohibit mortgage companies from refusing to lend to otherwise credit-worthy borrowers based on where they live.
Seriously, what a phenomenally stupid thing to say.
“Seriously, what a phenomenally stupid thing to say.”
Say, s? It’s just another “inclusionary” opinion from The Small Tent Party.
Seriously - why does anybody fall for the BS uttered by the GOP’s leadership?
The GOP’s leadership - party positions and elected officials are filled with narrow-mindede bigots.
What a buffoon! Is that the best the tax whiners have to represent them? Perhaps he will next call for a return to slavery or indentured servitude? After all there was no mortgage problems back then…
Go Matt Go!!
Not the first time, won’t be the last…`
I just love the leaps that TPT is making today. David Strom is now a GOP party leader?
David Strom is to the Minnesota GOP what Michael Moore is to US Democrats.
TPT’s modus operandi: Someeone from the right says something stupid, call him a party leader. Someone from the right says something smart, claim that they are not a mainstream Republican and are not accepted by their party.
DtM, as soon as someone from the right says something smart, we’ll be able to confirm or disprove your statement. Until then, you have closet racists like Strom and the entire Tax Avoiders League. I want to be clear here, Strom probably has nothing against Jewish people or African-American people, it’s poor people he doesn’t like. It’s their fault he has to pay taxes. It’s their fault the economy is collapsing. And of course the big one, it’s their fault they’re poor. That one is straight out of Saint Ronald’s playbook. If it wasn’t for poor people, this country would be a lot better off. I am amazed Strom still makes the news. He and his “cult of the Raygun” are almost completely irrelevant.
“DtM, as soon as someone from the right says something smart, we’ll be able to confirm or disprove your statement.”
End of conversation. Let me know when you’re interested in a legitimate dialogue.
Hey Dan who called that fat fuck Strom a Republican Leader except YOU! We have all scrupulously referred to him as a “tax whiner”, “tax avoider”… the closest anyone came was Two Puts’ reference to GOP leadership as “narrow minded bigots” and using your tax whiner buffoon as an example of a “narrow mined bigot.” He wasn’t calling him a GOP leader, he was calling him what he is… well, what he proved himself to be on TV.
We all recognize that David Strom has NO pull within the Republican Party, Tim Pawlenty’s office or for that matter the Larry Craig Memorial Bathroom at the Airport.
Excuse me, amuseinc. TPT wrote, in direct reference to the Strom post: “Seriously - why does anybody fall for the BS uttered by the GOP’s leadership?The GOP’s leadership - party positions and elected officials are filled with narrow-mindede bigots.”
I was responding to that accusation, the one that a random activist guy like Strom is somehow a GOP leader. He is an activist. Both sides have activists, and they are not partly leaders.
Then comes the civility of people from a party that likes to consider themselves intellectual. Strategery called Strom an asshat. You called him a fat f&*k.
And we wonder why Democrats have developed a reputation of being scattered, emotional, unfocused bleeding hearts. The authors of this blog at least attempt to create dialogue (albeit terribly biased) based on ideas. I can’t say as much for the vast majority of the lefty comment posters.
Democrats have developed a reputation of being scattered, emotional, unfocused bleeding hearts
Not so much a reputation as having suffered under the near monopoly of the airwaves that the extreme right wing has enjoyed since Raygun lifted the equal time requirements. Since then, fascist radio has been able to attach labels on progressives and liberals without any response. Remember the criminal Reagan making liberal a pejorative. So, if language get’s a bit harsh for your delicate ears DtM, it’s because patriotic Americans have never like fascists. A convention of them coming to town next month will be real interesting. Unless of course they get their directions from bat shit crazy Congresswomen Michelle Bachmann. If that’s the case, God only knows where they’ll end up.
Wow… you are good at finding people to blame. You been reading Nick Coleman or something? In one paragraph, you find a way to blame:
- President Reagan
- Radio stations and their employees
- The GOP convention
- Congresswoman Bachman
You are very good at finding others to blame. But once again, so unfocused….
DtM, you are good at being purposefully obtuse. Bat shit crazy Congresswoman Michelle Bachmann isn’t to blame for anything. She would have to accomplish something first. The GOP convention was mentioned as a interesting point of what is going to happen when we get such a congregation of turds in one spot. Do you care to try and dispute right wing fascist radio has had a near monopoly on the airwaves since Raygun lifted the equal time requirements? I’m guessing not. Unfocused? That may be but it’s hard to remain focus when the GOP is destroying the country. Focus is something the GOP has worked on these last 30 years. Focus by any other name, thy name is fascism.
“Do you care to try and dispute right wing fascist radio has had a near monopoly on the airwaves since Raygun lifted the equal time requirements?”
Is radio suddenly the coveted medium to control? I personally would rather have a near-monopoly on print and TV media, which the Democrats have had. You are so good at finding someone to blame.
Reagan, by the way, was a great President. Pulling 525 electoral votes in his ‘84 re-election tells me that most Americans agreed with his direction. Presidents are the combination of the right person at the right time. FDR has 523 electoral votes in one of his re-elections — even this moderate Republican can admit FDR wsa the right person at the right time. And so was Reagan.
David Strom’s first three or four words were close to the mark: the government created the mortgage crisis. His reasoning after that is right-wing creative BS.
Any problem is complex, but the single biggest cause of the mortgage crisis is the Republican Gramm-Leach-Bliley Act of 1999, signed by Democrat Bill Clinton. The act eliminated the separation of commercial and investment banks, created by the Glass-Steagall Act of 1933. For commercial banking, think of federally-insured mom-and-pop checking and saving accounts and loans carefully made to businesses, “carefully” to eliminate risk. For investment banking, think stocks and bonds, which are nearly the perfect definition of risk and reward. The commercial banks held tons of money that was not at much risk and investment banks drooled over the possible rewards of investing that money.
A quote from Robert Kuttner in The American Prospect “The Glass-Steagall wall was devised to prevent a repeat of the 1920s’ scams, in which banks made speculative investments, turned the debts into securities, and sold them off to unsuspecting investors with the blessing of the bank.” After 1999, without Glass-Steagall, mortgages could be originated by a broker, sold to an investment bank which would bundle the mortgage into a security that could be sold to other investment banks and to you and me for our 401k.
If I’m not mistaken, Gramm-Leach-Bliley also loosened the anti-redlining reporting requirements placed on mortgage companies. This made the poor a more vulnerable target than they had been previously, since the mortgage originators could make sub-prime loans, take their fees, resell the mortgages and pass the risk along the daisy chain - without the likelihood of getting caught.
The financial markets are trying to correct themselves, by tightening requirements placed on borrows, making less money available to borrowers and increasing the cost of loans through higher interest rates. Interest rates, like “fees,” can be thought of as taxes, and David Strom just shot himself in the foot.
So commenters here would have us believe that the practice of requiring banks to demonstrate they’re not redlining — as encoded in the 1977 Community Reinvestment Act — has nothing whatsoever to do with banks issuing risky loans to prove they’re not redlining?
Really? You’re going to tell me that with bank regulators coming through the doors every so often, banks would never, ever issue a risky loan to demonstrate to that regulator that they are, in fact, willing to make loans into those neighborhoods?
Like Mr. Strom’s neighborhood?
Nice post, Mr. Tom.
Yes bubba, the 30 law caused the current mortgage crisis. Brilliant, and here I thought it was McGovern’s fault.