Posted on 01/26/2011 5:40:39 AM PST by La Lydia
the central problem was that short-term interest
rates were pushed to zero.
when ya take all the slack out of a rope, ya got nowhere to go
zero from zero equals ..
—
ap thread
Panel finds financial crisis was avoidable (Yes. Yes, You guessed it. Bush’s Fault! and others too).
http://www.freerepublic.com/focus/f-news/2664199/posts
Well DUH.
Excellent post. I am going to steal it for the logic impaired that still want to blame W.
>>I think the lion’s share of the “credit” for this mess belongs to Congress.
Congress deserves much of the blame - but it’s not congress who the Godfather of Subprime bought the ambassadorship to the Netherlands from.
>>it is still Bush’s fault.
Is it Bush’s fault that Penny Pritzker’s Chicago family Superior Bank failed in 2001 after its innovations in Subprime lending...
https://www.google.com/#q=pritzker+superior+bank+subprime
...or that Pritzker is the Secretary of Commerce, today?
>>The mortgage meltdown was caused by:
None of the points you regurgitate mention the fact that Sub-prime leader, Ameriquest/Argent Mortgage, wasn’t a bank, wasn’t under any regulatory supervision, and, as of May 2007 when their executives were still drooling over the possibility of their garbage being eligible for Freddy Fanny coverage sometime in the future... their loans weren’t eligible for coverage by Freddy / Fannie.
Who was the Godfather of Subprime and how did his organization game the system?
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