[Navy Patriot]

The movie “Inside Job” picks up the plot (or narrative) just after all the force of law Federal regulations were put into effect, and none of this is mentioned.

Then Ferguson makes case that banks made risky loans and quickly sold the near worthless paper to unsuspecting outsiders.

It's true, but why would established banks suddenly start to do this after decades of successful ongoing conservative management? Well now yer askin' too many questions, see!

[LomanBill]

[Then Ferguson makes case that banks ]

 

But Roland "The Godfather of Subprime" Arnall's pirate flagship - Argent Mortgage / Ameriquest, wasn't a bank.

 

 

Banks have holdings from depositors to whom they owe a fiduciary responsibility.

 

The predators in the Shadow Banking system had neither deposits nor fiduciary responsibility.   They just had a technological firehouse they shoved up the backside of the financial industry; with which they gave the American people an a$$paper cashenima.

 

 

[khnyny]

The repeal in 1999 of the Glass-Steagall act.

[LomanBill]

[but why would established banks suddenly start to do this]

Wasn’t that because George Bailey jumped off the bridge and there was no one to stop Mr. Potter from turning the whole town into Pottersville?

Or maybe it was because they didn’t have a vested interest in the communities they were raping?

As one “manager” of application support at Argent Mortgage explained it to me - “We’re not predators - Those people are uneducated, ignorant, and stupid - so they DESERVE to be taken advantage of” (right Dave?).

Can you imagine cashing a check at a bank whose tellers were indoctrinated with such an attitude - and so shortchanged folks because, well “our customers are stupid”?

Me neither.

Where’s LEO?