Posted on 10/31/2011 7:09:45 AM PDT by Slyscribe
President Obama says the Occupy Wall Street protests show a "broad-based frustration" among Americans with the financial sector, which continues to kick against regulatory reforms three years after the financial crisis.
"You're seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place," he complained earlier this month.
But what if government encouraged, even invented, those "abusive practices"?
(Excerpt) Read more at news.investors.com ...
You mean forcing banks to lend to people who could not pay it back was a bad idea? Who knew!? It was obviously Wall Streets fault!
...and then the banks bundled them up into securitized assets and sold them all over the world, with the help of S&P’s and Moody’s who gave them a AAA rating. It was a great con.
Will heads roll, or will this evidence too be ignored. Years ago, it was published that der reader himself threatened to bring discrimation proceedings against Citibank, but they settled out of court, and started issuing loans to folks who could never, ever pay them back. This is all so clear, but not even Senator Pat Roberts, proud former Marine, would give it lip service during the ‘08 election season.
Well, since the banks got the government to subsidize their losses while retaining the notes it was a great deal for the banks.
The government is subsidizing private mortgage debt with public money. It’s a win-win for the banks and a lose-lose for the American people. The effect of their policy is to keep housing prices high, extending maximum indebtedness to Americans with losses covered by taxpayers.
It’s crony-federalism. Wakeup.
This isn’t news to anyone who has been paying attention. Of course, the liberals vehemently deny Slick Willy’s expansion of the CRA had anything to do with the housing bubble but then again, they still worship him despite Lewinsky, the impeachment, Vince Foster, Whitewater, Clinton’s ignorance of Bin Laden.......
Well sure, once the con was in place and the money was rolling in. And then, of course, the government bails them out when it all goes bad. Did I say great con? More like perfect con.
Well, since the banks got the government to subsidize their losses while retaining the notes it was a great deal for the banks.
The government is subsidizing private mortgage debt with public money. It’s a win-win for the banks and a lose-lose for the American people.””””
It all started with Jimmah Carter & his ‘Community Reinvestment Act & his attitude that “very American deserved to own their own home” Carter ordered the banks to recognise Welfare payments & food stamps as INCOME. Most of the people who got these bad loans didn’t qualify to buy a T-shirt on payments.
Democrats started this mess & they have fed at the Fannie Mae & Freddie Mac trough until they fattened themselves up like hogs. Banks were in the cross hairs in a situation which could only lead to their downfall.
What also isn't news to anyone who's been paying attention is Duh-bya's eyeballs-deep involvement in the housing crash.
Of course, the conservatives will vehemently deny Bush had anything to do with it and will still worship him despite the Partnership for Prosperity Agreement (with Mexico), the New Alliance Task Force, US Social Security Totalization Agreement with Mexico and his championing of Shamnesty.
ping
It will be ignored--as it has been so far. It will fall to economic historians to assess this for posterity. Most likely, the objective historians will not be US historians, because anyone in the US who reaches the obvious conclusion that government-driven reverse racial discrimination was a factor in the housing debacle is politically incorrect and risking their job.
The purpose of the CRA wasn’t to provide homes it was to pump up housing prices and extend mortgage debt.
If they wanted lower income earners to be able to afford homes they would have acted to depress housing costs, not increase costs.
It’s a classic pump-and-dump. The large mortgage and MBS issuers have run a government-backed con. The taxpayers and (inflated) mortgage holders are the marks.
Follow the money. It’s all about the debt. How much and who owes whom.
+1
There are plenty of conservatives who point at Bush as well. They’re also uncomfortable with Perry.
https://docs.google.com/present/view?skipauth=true&id=ddp4zq7n_0cdjsr4fn
don’t know if linkie will work, but it is time to resurrect this again
No one was holding a gun on the banks...Really? I'm no expert but I've read numerous times (and seen testimony in the House and Senate to that effect) that banks were forced to participate in questionable lending practices in which basically ineligible (by any reasonable standard) buyers were "given an opportunity" to buy a home.
If I'm wrong, I'm wrong. Like I said, I am no expert.
But I really have read it and seen it testified to many times... so if I am wrong, I'm not alone.
click on link in post 17....it is a quick slideshow that explains the mortgage crisis completely
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