Posted on 09/01/2011 9:23:39 PM PDT by Steelfish
I see circular insanity with an end result of even fewer banks, more federal interference, less willingness to underwrite loans, higher customer fees, reduced economic activity, mammoth trial lawyer paydays and a waste of tax dollars suing on one end after bailing out the other.
When Obama advocates for a new “infrastructure bank” when he’s talking us to death next week, remember how well Fannie Mae, Freddie Mac, Medicare, Social Security and other entities have been run.
That explains all the bailouts - it was to ensure liquidity for future lawsuits - hell of a well-thought-out money laundering scam...
” ( - - - What am I missing here? - - - )”
What you’re missing is a CYA attempt FINALLY coming out in court.
Emeritus Sheriff of Nottingham Walk-the-Plank-Hank began it in 2008 with TARP and the lawyers at the Just-You-Wait ! Department are continuing this CYA tragic comedy now.
Meanwhile, robo-Congressman Sub-Prime Barney, Fannie, Freddie , FHA, and the government regulators, cower and hope that the CYA program works.
After all, it would undermine consumer confidence significantly if it was ever revealed that NONE of the above did the due diligence required by their job descriptions.
The news is that the FHA and it’s pals went bankrupt in September, 2008, (some call it the Fannie Bubble).
The cover up is that Congress, Cabinet members, Fannie, Freddie, FHA and the regulators have refused to accept ANY responsibility for their criminal inaction, and accusing banks for doing what the sub-prime federal laws required them to do.
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