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THE Yuppie Outlaw
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Discussion Starter #1
Just watched a great documentary about the financial crisis we are currently in called, Inside Job.

At first I thought I was gonna hate it because it opens by pointing out how Reagan (the greatest pres in history) began the process of deregulating the banks.

It also is narrated by Matt Damon so I thought it was gonna be typical Hollywood Lib BS.

I was pleasantly surprised to find that the whole movie is based on facts, there does not seem to be an agenda to one side or another and they blame every president since Reagan.

If you are interested in economics and why the country is in the state it's in, it's a must watch.

Just be prepared to get aggravated.


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Noel
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It's time for the common man & woman take control of congress, the presidency and judiciary.
 

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STAND AND FIGHT!
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Sorry guys, with all due respect this is ridiculous. Absolute Bullshit. Matt Damon spouting Liberal Agenda, can't be?

A slick production of The Dem/Lib crock that all problems arise from lack of Govt control of evil capitalists.

You guys need to do some more homework and grow some skepticism .

This explanation you are swallowing only blames Govt because it didn't control the evil bankers? You've got to be kidding.

If this story doesn't start with the Community re-Developemt act in the early 70's

you're being lied to by the same bastards that caused this problem in the first place.


I don't believe you've understood who caused this problem.

You're absolutely right to be furious.

This has been a scandal and debacle of momentous, historic proportions.

Doesn't that description seem familiar to you? Hmm.. who does that?

No private company (or industry) makes decisions this bad on their own.

Only the heavy hand of Govt. can make or force decisions this bad to be made,

and keep it up for decades.
Stay Angry, my friend, but be accurate about who is at fault.

The seeds of today’s financial meltdown lie in the Community Reinvestment Act – a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.

Any bank that wants to expand or merge with another has to show it has complied with CRA – and approval can be held up by complaints filed by groups like ACORN.

In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.

The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards.Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.
The outrage was IN FORCING PRIVATE BANKS to put up their own money

for DEM/LIB social engineering, essentially a massive welfare program

(can we say buying minority votes, at the direction of elitist Liberals?)

that the DEM/LIB controlled Govt. funded by extorting funds they did not legally control

to be used to make loans no bank would ever make voluntarily.

This entire program was focused on forcing banks to make an unlimited number of loans

they would never make. When the lending institution was out of money, they forced

other institutions to bundle and buy the bad loans.. and now they have repeated the lie

so many times that the short attention span public has fallen for it, the bankers were evil.
 

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THE Yuppie Outlaw
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Discussion Starter #7
Nathan,

I am far from liberal and often confused for a very closed minded right wing "nut". I would have a hard time thinking of any issue that I have a lib stance on.

This movie, is a hollywood production and should be watched with the knowledge that it is "produced". That said, this is the most objective stanced movie I've ever seen come out of Hollywood.

There were already existing governmental regulation put in place after The Great Depression to help prevent the exact situation we are in. It was the lifting of those regulations that started........and only started the downward spiral.

Inside Job is a very informative movie that when mixed with other information connects a lot of dots, and exposes a lot of the players that caused the recession.

It also shows the absolute greed within the human race and will hopefully teach those that watch it that absolutely NOBODY has your best interest in mind.


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STAND AND FIGHT!
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Don't believe what anybody tell you is the cause of the crisis,

look it up for yourself. Cruise YouTube Video records of the lying son's-a-bitches

themselves Look for Barney Frank, Chris Dodd, Fannie Mae Freddie Mac



This is a good one...



JP the point is the govt forced the financial institutions to back and package and sell

worthless bundles of worthless loans based on worthless Govt promises

and once you force people to do what they know is bogus,

you kind of break the rules of common sense. Greed of the finance institutions

only became a factor 20 years into this mess at the INSISTENCE of the Dem/Libs

This train wreck was fed entirely from it's inception by Political Greed, buying of Minority Votes,

the insistence on redistributing the wealth or the benefits of wealth to unworthy

low income Dem/Lib voter base.


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Noel
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This train wreck was fed entirely from it's inception by Political Greed, buying of Minority Votes,

the insistence on redistributing the wealth or the benefits of wealth to unworthy

low income Dem/Lib voter base....


Several changes of tax law allowed this to get out of control, when it was brought to folks (who make laws) attention, ....no concern... as that's their long term agenda! These changes were not really discussed in this ~PRODUCTION~ but they added fuel the fire. :spar

Exemptions

By the Taxpayer Relief Act of 1997, the federal tax code allows an exemption of up to $250,000 of capital gains for singles--up to $500,000 for married couples--on the sale of a principal residence. This means that there is no federal income tax levied on a gain of any amount up to and including these amounts when you sell your home.

Figuring the Gain

The gain is measured by subtracting the original cost basis; (purchase price plus all buying and selling fees, and home improvements) from the selling price of the home. It is reported with your federal tax return on IRS Schedule D, Capital Gains and Losses. There are separate sections on the form for reporting short-term and long-term gains. There is no deduction available if you lost money on the sale.

History

Prior to 1997, home sellers could only exclude a gain if they used it to buy another and more expensive residence within 2 years of the original sale. Those aged 55 or older had a one-time exemption of up to $125,000 available.

Principal Residence

The current law applies to all home sales occurring since the law was passed in 1997. It can be used an unlimited number of times. The property sold must be your principal residence, meaning you have lived in it at least 2 years (consecutive or not) out of the last 5 years before the sale takes place. For investment or rental property that you own, the normal capital gains tax rate applies, without exemptions.
 

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STAND AND FIGHT!
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IMHO, if you really attributed ALL of the cumulative damage done by this program

you'd also have to add in the entire community organizing and following political career

of Barack Obama, and the ongoing destruction of the Nation.

The nature of Community Organizing was primarily about promoting this program.

...
 
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