Larry Kudlow blames Congress and low income families for housing crisis: 'Guilty Liberal Consciences' Forced Banks To Make Bad Loans
By John Amato Wednesday Sep 17, 2008 7:30pm
Larry Kudlow proves once again that he's nothing more than a right wing, free market, Milton Friedman hack that just lies at will. Doesn't he have a conscience? Nope...It's never the big money freepers that horde the wealth of this country and have no restrictions on what they can do thanks in part to Mr Deregulation himself, John McCain. Jon Perr has more...
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Download | play (h/t Heather) (rough transcript)
Kudlow: It's time for the Congress, Republicans and Democrats to stop encouraging---exhorting and forcing banks to make low income loans with no documentation. Stop that---literally pushed these lenders to make low income loans
Scarborough: Hold on a second. You cannot blame this on low income people that are getting a house.
Kudlow: I'm not blaming them. Kudlow: Sub prime, sub standard loans were a creature of the US Congress in the 90's and the 2000's.
Scarborough: Are you saying that poor people have caused this crisis?
Kudlow: Not poor people. Members of Congress who were rich people. But their Liberal guilt consciences forced banks and lenders to make lousy sub-standard loans and that has to be repealed...not everybody can afford a home, Joe. Some people have to rent."
What a crock. Kudlow blames it all on the liberals. What a joke this man is. This is another case that proves conservatism is dead. Of course not everybody can afford a home. Sorry, the irresponsible lending practices went on because it kept Bush's economy chugging along for years before it crashed and burned. The ownership society Bush and conservatives called it. Morning Joe actually takes him apart for even suggesting that low income families are the root cause of our economic problems in the housing market. It's up to the lenders to qualify people for loans. PERIOD.
I watched this crisis unfold and saw people walking into fairly expensive homes in Venice, CA with no down payments and either low or no interest loans. Yes, I'm a renter now. I couldn't believe my eyes when the property values skyrocketed (went up to 1 million) because of these lending practices. People can apply for a loan all they want, but that does not automatically mean they should be approved. That's up to the lenders. Liberal guilt is never an issue and a lie, Mr Kudlow. They aren't supposed to hand over thousands of dollars without knowing that they will be paid back. The predatory lenders made boat loads of cash at will with a conservative philosophy in hand. Just ask your best friend for a hundred bucks and see what happens...Naomi Klein writes: Disowned by the Ownership Society
Washington think-tanker Grover Norquist predicted that the ownership society would be Bush's greatest legacy, remembered "long after people can no longer pronounce or spell Fallujah." Bush has turned out to be the ownership society's undertaker.
I hope these work....Contact Larry Kudlow here: Larry.Kudlow@cnbc.com Larry.Kudlow@nbcuni.com Call 877-251-5685 up until 7 pm EST and let him know how you feel in a respectful way.
Logan Murphy says:
It's not often I agree with Joe Scarborough, but on Thursday's Morning Joe he tore into CNBC's favorite Bushie, Larry Kudlow for his delusional ranting about this week's meltdown on Wall Street.
In Larry's world, the mortgage meltdown wasn't caused by predatory lending practices made possible by deregulation by Bush, McCain and the Republican party, it was the policies of the evil libs in Washington that FORCED the now-failed banks and lending institutions into making sub-prime loans to po' folks who couldn't afford them. Scar jumps all over him and rightfully so. Kudlow blames The Community Reinvestment Act
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I'd like to see him go on tour with this speech. He could warm up for John McSpain.
yes, he certainly hate the poor.
Oh, sure - liberals flexing their muscles during the Bush mis-administration are what caused this mess. It had nothing to do with greed and lack of regulation.
Oh wait, I almost forgot - it's all Clinton's fault!!
These mean-spriited, Chicago School of Economics, Milton Friedman acolytes are non-human. They combine the worst of primate behaviour: duplicity and abdication of responsibility. Of course, they also have gargantuan balls and love to pound the teeming unwashed with them. Time for a 21st century Placde de la Concorde.
Well, yeah. Because there is nothing the republicans hate more than liberals other than the poor. The liberals and poor are the cause of global warming.
I mean, would have been the cause if such a thing existed....
Wow. Just wow. People like this shouldn't even have the right to buy food.
This guy is ripe for the loony bin.
This completely brain-dead, warped view of the world is how we got where we are to begin with - and it was repuke-lics who got us there. With help from some rubber-spined dems.
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Kudlow is batshit crazy. Oh! That's right, he worships at the alter of Leo Strauss ........
What a pig.
The Friedman followers are all insane - they should be barred from any government jobs. The University of Chicago owes America an apology too.
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Trittydi @ 10:
Oooooops - Strauss was who I meant to name.
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Of course i is the liberal's fault. The cons got caught again.
Let's cut it down to brass tacks: the guy is simply mean-spirited and Scrooge-like.
Let's hope that he doesn't become poor with all the fluctuating of the market. Wouldn't want him to become the thing that he despises.
You have to start with the Ronald Reagan economic policy that the U.S. does not have to generate wealth by making “things”.
Then Phil Gramm, as chairman of the Senate Finance Committee, introduced legislation that completely deregulated the stock market (allowed “dark markets”, as they say). This legislation was called the “Commodity Futures Modernization Act”, and to get it passed, Senator Gramm added it as a 262-page rider to the 11,000-page omnibus appropriations bill (and get this!) just as Congress was recessing for Christmas break.
Phil Gramm most likely will be tapped to be Secretary of the Treasury if McCain wins the election.
Maybe it was the brown acid, but I seem to remember a certain chimp named George that used the "ownership society" as the centerpiece of his economic policy. Every time I saw that pinch-faced fake cowboy he was prattling on about that. I didn't know he was a liberal.
The Socialist Republicans plan to have the American taxpayer clean up their mess by bailing out the socialist banks http://news.yahoo.com/story//ap/20080919/ap_on_bi_ge/financial_meltdown
Hey Larry, I hope you used your Lehman Brothers holdings for collateral on you house, you steaming pile of deep doodoo voodoo econmics.
Banks have "Guilty Liberal Consciences"?
Who the fuck is he trying to fool?
The problem facing the banks, is that they still have trillions of dollars of bad paper on their books, paper whose real value ranges from zero, to pennies on the dollar. They can't afford to write it off, and they can't sell it. Despite their financial reports, they are bankrupt.
I knew it was only a matter of time before some new age conservative douchebag claimed that this disaster was a result of TOO MUCH financial industry regulation. I'm just surprised it took them three days to slither out of the woodwork.
Larry's on crack again! Larry! Put down the pipe! Crack is whack!
Matt in Texas @ 3:
Yep, this republican screed is getting pretty old and stale, isn't it? WTF do they take responsibility for? Blue skies?? Little birdies singing?? Girls and boys skipping through a field of daisies?? The republican fucktards gotta wake up!
Limbaugh was singing the same tune today.
Wasn't congress in the mind 90's controled by Republicans?
Jo @ 8:
He creams in his pants for his tax cuts.
If you haven't read "The Shock Doctrine" by Naomi Klein, it will change your life. And I completely agree that the University of Chicago needs to issue a vast apology and do whatever they can to keep this country from turning into a third world country. Which is what the doctrine would like us to become. What we are seeing is that in process. Can it be stopped? Only if people in power WAKE UP and call it treason, which it is. We cannot elect Obama soon enough.
Kudlow pumped housing stocks right up to the end.
Ruthless People @ 16:
Yeah, pretty nice work, huh?! They make off with bags of money and the American people end up not only losing their money in these crooked institutions, they also end up paying for them going under. Pretty effin' sick and twisted, if you ask me.
America’s new foreign masters are lining up for a gigantic garage sale.
Typical "blame the victim" bullshit.
If the economy wasn't in the shitter, people would be able to afford their mortgages.
But then again, this is the same asshole which has been right about exactly ZERO economic predictions. Why these pinheads are taken seriously is beyond me, especially if you take into consideration their batting averages... which seem to be nil for the most part.
someguy @ 24:
tssss... don't bring back the memories of the "Contract
withon America"When these clowns apply for a conservative pundit job, do they have to show their pathological liar/sociopathic references on the resume's they submit?
L.A. Confidential @ 28:
The masters, for the most part, are locally grown.
This whole idea that it is them "furreigners" who are out to control poor good ole America is laughable at best.
right on! @ 22:
Oh just wait - if Obama wins, they'll all be blaming him on Jan. 21.
The splurge is working
Harley @ 27:
Maybe saying he "pimped" housing stocks would be more accurate.
I heard an audio-tape of Bush himself pushing for this shit.
On his head be this economic crisis, Congress was controlled by the GOP at the time. Where were the "fiscal conservatives" at that time? Out taking a 7-year crap?
Who does he blame for exporting the nation's manufacturing base, borrowing trillions to run a global empire, and leaving the border wide open?
If only the democratic congress had acted on this crisis, Americans would not be suffering now
L.A. Confidential @ 14:
Reaganomics helped get us into this mess. If McCain taps Gramm, we're fucked. Without lube.
Matt in Texas @ 33:
They are already starting, and Bush will be a bleeding heart "librul" by the time Obama by 2010. When Gin-grinch et al get ready to market their new and improved "Contract on America mk II (we're coming to take what's left...)"
Gregg @ 38:
Without a filibuster-proof majority and the GOP quite happy to filibuster?
How...is that supposed to work...exactly?
Ruthless People @ 16:
"Socialist" and "Republican" go about as well together as "Democracy" and "Stalin."
One thing you can take to the bank. People like krudlow have no consciences!
They are totally greedy evil bastards without ruth.
They are the closest thing to what they fear the most. The dreaded muslim!
They reserve the right to kill anyone that disagrees with them.
Tyler Durden @ 32:
I doubt they want to buy any of our sh*t anyway.
L.A. Confidential @ 14:
Yeah, "making things" was so 1950s. Who needs to make things? We can get things from other countries, can't we? Manual labor and those that used their hands and back to work were derided and scorned. They would laugh at a person who didn't get a degree in "management" or economics.
But when a man can't make things with his own hands he loses his creativity and pride. And he loses the ability to understand what makes things work. He thinks pushing money/paper around the globe is what's important.
Tyler Durden @ 32:
Tyler, perhaps you haven't met LA? I think (s)he's referring to totally-disinterested-in-controlling-us creditors who will pass us off as a bad investment.
General Pavel Rennenkampf Xocoyotzin @ 36:
Bush said too many Anglos own houses.
President Reiterates Goal on Homeownership
The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.
Audio can be found at this link: http://www.whitehouse.gov/news/releases/2002/06/20020618-1.html
james Ratliff @ 42:
Nope, Islam forbids usury... at least they have that one going for them over the Kudlow et al merry Neo-Cons.
General Pavel Rennenkampf Xocoyotzin @ 39:
And Give 'Em Encouragement Harry Reid and Queen Nancy Never Met a Republican I Didn't Like Pelosi will push for his confirmation
Gregg @ 34:
Gregg FTW!
Harley @ 46:
That's the one I was thinking of, thanks.
How shameful of the angry left to force those banks into foreclosure, just like the banks who foreclosed on the farmers in the great depression. Don't you get the irony people?
You liberals make me sick.
I have not been able to afford a home since moving to California in 1997.
I stayed out of the market because it was clear as day that prices were becoming wildly inflated.
Fuck the predatory lenders who drove up real estate prices and made the dream of home ownership impossible for a person like me.
enough @ 26:
Just bought the book. I'm going to start reading it this weekend.
Of course, everything is the fault of the Liberals. The moon is receding away from the earth. Know who's fault that is? Liberals. The reason why abstinence only education doesn't work? Liberals. Wanna know why the sky is blue? Liberals.
See nothing can ever be the fault of conservatives. Because they're perfect little patriotic law abiding angels. It doesn't matter if a conservative goes out and murders a hundred people and eats their bodies. It would still be the Liberals fault.
because Liberals have become the popular boogie man for right wing assholes who want an excuse for their bad behavior.
Gregg @ 50:
I'll have you know that your types in the Great Depression would have been all for fucking over the farmers.
And laying the groundwork for either a Commie or Fascie revolution while you're at it.
Tyler Durden @ 47:
So does Catholicism.
Ironically, most early Neocons were ex-Trotskyists. That's where the socialism comes from...
Not everyone can own. Some can rent. Others can misapropriate $50,000 to turn the town hall into a bordello
Must be nice living in an Ivory Tower... Douche Bag!
I dunno if John caught it, but if he happened to grab Olbermann's take on Palin's interview with Hannity, please post it. You'll get a link from me. It was classic.
Why is "liberal guilt" (which means an individual has an inner sense of morality and justice) - always the problem with these guys.
Oh yeah, because their "fuck everyone but me," sick, twisted, psychotic view of the world, cannot be justified if good isn't brought down to an alternative "opinion" when placed along side of pure greed and evil.
Gregg @ 34:
Ha! Fuckin' Ha! LOL!!!!
Best comment this thread.
If you are a liberal and have a common sense approach to solve problems you are wrong. That kind of logic is rethuglican.
Jo @ 44:
I have said that for ages.
For full effect, go to any Engineering or Applied Science department in any major US college, and then go to their business school. Note the ratio of furrigners to locals in either department and shudder...
The sad truth is that the US is in a world of hurt. Right now the EU clearly overtaken our spot at the top. This country right now could not execute things like the A380 or the LHC. And there is starting to be a movement among Asian countries to figure a new economic paradigm, not centered around the USA as their main client, in order to shield them from what they see incredibly irresponsible economic policies...
Talk about WHINY and stupid. I heard this early this morning and my ears have burned all day.
It's not the republicans who deregulated everything, it's the poor people who struggled to get a chance. And it's in the "redlined" districts where they never gave loans and kept the slums in the inner cities. Nothing like keeping "those people" out of the suburbs and out of owning houses.
What a jerk Kudlo sounded like.
Mr. Republican Red tie can suck a nut.
Bush (June 18, 2002):
The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.
http://www.whitehouse.gov/news/releases/2002/06/20020618-1.html
I tried to watch this fucker last spring and winter even though I could only manage 3-4 minutes a day every now and again because he was so full of shit. He was constant “The economy is good blah blah blah…” “John McDeregulation this and that…” The main thing was “The free market is the best.” I don’t think I could watch the asshole again unless I was absolutely forced but I bet he is in love with these socialized bailouts. Of course I don’t have to say this but he hates “socialized medicine.”
You have to start with the Ronald Reagan economic policy that the U.S. does not have to generate wealth by making “things”.
Yes but ronney never made anything of real value in his life, yet made a great deal of money from nothing. When you get the idea that you can make something from nothing? You don't understand why others cannot.
Even though the reason you were able to make it really had nothing more to do with you then a turn of the card, they don't understand that they just got lucky.
Nothing more! But once in a while someone gets lucky. some realize they got lucky and others puff out their chest and say I did it myself. Oblivious to the fact that it was just luck. A flip of a coin or the turn of a card. Just luck.
Sarah Palin's Rubber DoDo Award
General Pavel Rennenkampf Xocoyotzin @ 54:
I don't think that there is a direct mandate against usury in Catholic dogma, heck the Vatican has its own bank. I grew up Catholic, but I may be a bit foggy on that...
There is a clear precept against usury in Jewish tradition/law. Alas, even Orthodox Jews decided that "such a literal" interpretation of that particular part of the Torah was not so practical for their interests.
james Ratliff @ 66:
Oh yeah. Until your luck runs out.
Harley @ 64:
And sure enough, the number of Anglos owning their own homes is rapidly approaching the percent of African Americans and Hispanics who own theirs.
Heckuva Job GW!
I mean, borrowing money (leveraging) to make ultra risky investments is kind of not to smart.
L.A. Confidential @ 69:
It's all a ponzi scheme and those in early and at the top never lose.
Tyler Durden @ 68:
Protestants were burned quite a bit by the Catholics for engaging in usury around the time the Church began. And the term usury in Western culture bears an anti-Semitic stain due to the Catholics turning Ashekanazim into moneylenders. That worked great...until people were asked to repay, which was when the problems started. The Church had to make Jews moneylenders, because no Christian could charge another Christian interest. And I find that term "usury" to be a bit disturbing for that reason.
That crap from Kudlow is utterly reprehensible. He should be shunned.
Juan del Llano @ 74:
He was trying to get a hug at the end.
If you really want a Great Explanation of the Difference between the Liberal Mindset and the Republican Idiological outlook Have a look at this short Lecture from TED on how Republicans end up being embarrassed of their own minds and Liberals relish in Change and New ways to do and think things.
Thousands? Hundreds and hundreds of thousands of $$$!!
These sons of bitches were loaning money to people whose WHOLE income was not enough to make the future payment on these adjustable rate loans. These people were not making enough to even make the payments let alone enough for food, gas, clothes, beer, shoes, electricity, trash pickup or anything else. For this asshole to say they loaned money to these people because of "Liberal guilt consciences" is sick. Kud-fucking-low lost his credibility long ago but this has to bve the nail in his coffin!
Juan del Llano @ 74:
He and Limbaugh were pushing that poor people were to blame today. They also pushed for Palin for VP.
I think they are attached at the hip.
$300Mil for children's medical care - vetoed
Thought up a New Name for the Republican Ticket.
Paleo / Palin