Kudlow on Morning Joe Blaming Crisis on Loans to Poor People
Larry Kudlow on Morning Joe blaming the mess we’re in on the Community Reinvestment Act which is even too much for Joe Scarborough to take.
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Heard Kudlow often and can conclude that while he has certain points, he exhibits tendencies of neo-con fiscal ideas. He has been wrong on almost all economic and political predictions, war mongering etc. He keeps peddling the zero tax, ‘growth will solve deficits’, worship economic boom at all cost, hogwash.
When in doubt- blame the poor- especially the black poor
Jeez, I’d love to slap that condescending host. What a dick!!!
krudlow is an intellectual infant and mental midget and supposedly cnbc’s version of lou rukuyser,,,,,,krudlow’s expertise isn’t worth used toilet paper and that circus of a show needs more cnbc motormouthed babes with short skirts on stools for anyone to watch……….
home loans to those who cant afford them is crimminal. i do blame this crisis on those people.. and those who allowed them to do this. greed on the consumer’s part, on congress’ part, and the banks did this. face it libs.. you fucked us up.
@tubo222555 Joe is an idiot.
That male host is an idiot. Kudlow never said that low income people were to blame. He never even alluded to that. He was clearly putting blame on Congress. That guy needs to listen better.
Kudlow confounds these dudes with basic logic.
It is hard to take you seriously when you can’t even use correct grammar.
… But I blame spastic, hyperactive doomsayers like Kudlow for at least exacerbating the crisis. Panic feeds recessions, people need to stop listening to this rot and keep doing their best, being honest, responsible and chasing their fiscal goals and everything will work out.
So the executive branch now sets short term lending rates huh? good to know
The banking mess was caused bt the BUSH ADMINSTRATION which lowered interest rates during a bull market in real estate which sent the market into over drive just like the stock market of the 1920′s before the depression.Pure and simple real estate prices were up 200 to 300 hundred precent and they lowered interest rates and every bank had to jump on board . they had no choice or catch hell for low profit from investors .
I can not believe how many idiots who does know economics are spew shit here. LOL
Kudlow did NOT blame “low income people.” He blamed giving substandard loans.
The main culprit about this subprime bullshit was Clinton and his administration who actually forced banks to loan to poor people who they knew wouldn’t pay back.
@MournelitheCalix
Kudlow is making the point of moral hazard that was caused by government GSE’s and the CRA
Silly silly boys in there. The subprime loan was the primary engineering component, the main bait, used to bring about the crash. If anybody thinks that the Dollar is coming back they will find themselves surely mistaken. It will be worse than after the Civil War. Better deal in some other currency before too long. I’ll be buying greenbacks by the truckload so can keep my fire going next winter.
How about this:
Less than 10% of the high coast loans that were issued (which caused the collapse) were issued by CRA regulated banks. On top of that, even the subprime loans that were made by CRA regulated banks, had, on average, lower interest rates than non-CRA regulated banks. Furthermore, CRA-regulated banks were half as likely to resell (securitize) such loans (another contributor to the crisis).
Why does Kudlow sound like Paul Lind? Do you think he slobs the knob?
Kudlow is right i cant belive joe would argue with him.
Actually I asked if you knew what percentage of the defaulted loans were CRA loans. I do know the percentage as reported by the NYT, Forbes,and the congressional record. Do you know, yes or no?
You disagree with me by stating I need to know what “percentage” of the loans were defaulted on under the CRA? My question for you is this: do you know this percentage?
Understand that the CRA is a significant PART of the housing mess. There are other factors. Simple logic tells you that it’s an erroneous policy, which we are all feeling to this day.
No I am sorry it actually is not a “Huge contributor.” This is simply wrong. Do you even know what percentage of the loans that were defaulted on were loans issued under the Community and Reinvestment Act? I ask because I hear a lot of people say it was a huge factor and very few of those people have actually done the research and educated themselves. Please check, you will be surprised. Understand I am not stating CRA is a good policy but to blame it for the subprime mess is misguided.
Kudlow’s main point is that the subprime mortgage was a huge contributor to the housing fallout. In that regard, he was correct. Joe tries to mischaracterize what Kudlow says as “it’s all poor people’s fault.” If you wish to blame someone making a point with no facts, Joe is clearly more at fault than Kudlow in this context.
Joe was right here completely. Kudlow doesn’t know how many of these bad loans are due to the Community and Reinvestment Act. He is very quick to blame this piece of legislation but he has no facts and can’t answer a simple question of extent. I think Joe did a great job here and I normally can’t stand the guy. Kudos to Scarborough