No, but they speculated on the garbage the Gov't was perpetrating on the mortgage banks. Speculators have a way of speculating on what's out there, y'know?
If someone did something illegal, go get them. But the biggest shysters were Dodd, Frank and Cuomo IMO who out of one side of their mouth forced atrocious loans, then out of the other said the nation's finances were fabulous while forcing the taxpayer to bear the burden of the laws they pushed.
To change the rules forever now by creating draconian Gov't oversight boards because of laws the Gov't PASSED IN THE FIRST PLACE is typical of the anti-capitalist clowns who are running things. I suspect that the 2 Repub SEC officials who voted against the GS action are thinking along the same lines.
“No, but they speculated on the garbage the Gov’t was perpetrating on the mortgage banks.”
I assume you mean mortgage banks like Ameriquest, Countrywide, and Argent, which dominated the subprime market. They in effect invented it. But like the Wall Street investment banks they weren’t subject to CRA regulation. Only depository institutions were.
“IMO who out of one side of their mouth forced atrocious loans, “
Your opinion here is based in error. CRA doesn’t mean subprime. And even when CRA loans were subprime they were conforming loans, a type which isn’t risky and isn’t high yield. The high risk paper was a type invented by Wall Street and the subprime mortgage houses for the express purpose of generating high yield paper. These were Option ARMs, Stated Income Stated Asset, 125% of value, every sort of high risk loan imaginable.
“To change the rules forever now by creating draconian Gov’t oversight boards because of laws the Gov’t PASSED IN THE FIRST PLACE is typical of the anti-capitalist clowns who are running things”
You are building a straw man argument. The problem isn’t “laws the gov’t passed in the first place”; the problem is “laws the gov’t got rid of in 1999 during the Clinton administration”. The Glass Steagall act was passed in the 1930s to keep investment banks out of the world of commercial banking. It’s not a coincidence that less than a decade after repealing Glass Steagall that Wall Street is again involved in something resembling the Depression. We need a return to Glass Steagall or something like it.
R.I.N.O. A Republic is a system, of governance characterized by the Rule of Law.When the Law fails, the Republic fails.
