“This is just GOP revisionism at work to cover up for Wall Street. It is a lot easier to blame the poor folks for the mess than to prosecute the scoundrels on Wall Street.”
What ? So the “Wall Street” people just suddenly became greedy and that’s why this all happened ? It’s their job to be greedy and they always have been, it’s human nature for “the poor” to be greedy too, no one’s blaming them.
Those that issue/guarantee the loans have to be the responsible ones and they decided to turn the mortgage industry into another welfare program. Fannie, Freddie etc. were run by Clinton appointees as political entities and personal slush funds and they were paying off the dems in congress to make sure no one could interfere.
Were the lenders greedy ? Of course they were, they always have been. They could do whatever they wanted to get the loans done and pass them and the risk right off to Fannie/Freddie. In fact, they were punished if they didn’t make the risky loans happen. The percentage of loans that technically fell under the CRA is irrelevant, we all know what was going on here.
The real question is why did this all fall apart a month before the election just as Obama’s numbers were starting to falter ? 250 Billion dollars were suddenly pulled from the mutual markets during a 2hr. period and Bush was forced to do something. Did Soros engineer this ? There were reports of people having their mutual funds sold electronically and the money being redeposited later by the govt. Is there anyone investigating the timing of this ? The democrats built a huge house of cards and someone chose to knock it all down at just the right time to blame Bush and get Obama elected. Several months earlier Schumer tried to knock the first domino over by announcing Indie Mac was insolvent but it wasn’t enough.
This should be the biggest political story of the Century but no on in the media is questioning it.
“This should be the biggest political story of the Century but no one in the media is questioning it.”
I could not agree with you more on this point. And no, Wall Street didn’t just become greedy overnite and that is precisely why it was so stupid to deregulate thru the overturn of Glass Steagall protection. What in the world was going to keep Wall Street from going right back where it had been once before? Nothing.
And, if the grass roots type people keep living in la-la land, and fall for every stupid shill excuse out there, for example that the CRA caused this, we will be back there again.
This is not a liberal or conservative thing, or a GOP or Democrat thing, although I personally blame the conservatives and GOP more. There is plenty of blame to go around but it is not for the CRA which if anything, had a minimal impact.
I would not expect you to trust me. Read up on it. Read “Market Ticker” or “Naked Capitalism” daily. These people are hardly muley, pukey, liberals. They get down to the point, and trust me, they ain’t blaming the CRA.
Here’s a real good story from a Wall Streeter who wrote “Liars Poker.” He follows the tale of Steve Eismann who figured out the Wall Street con game and managed to make money off the nonsense.
I didn’t see any blame getting thrown onto the CRA. Wall Street wasn’t getting forced to do this stuff. Heck, you couldn’t stop ‘em. If you have been following the AIG-Geithner-Goldman Sachs thing, you might be getting a little taste of the problem.
parsy, who will send you another little tidbit shortly.