Posted on 12/13/2012 7:11:04 AM PST by SeekAndFind
Yes, but the fact remains all the funny business was started in the Clinton admin. No Clinton admin forcing banks to take on bad loans which resulted in shaky derivatives and securties, and no eventual financial crisis. Read Sperry’s book. Clinton is the arch-criminal mastermind in the whole thing.
The derivatives market is still alive and well, even after the problems with them were exposed. And yeah, sub-prime mortgages were a bad idea. But it took the financial geniuses of Wall Street to turn firecrackers into atom bombs.
The fact remains, no matter how many crooks on Wall Street, none of it would have happened if the Clinton admin hadn’t got the ball rolling.
It wouldn’t have happened with sub-prime mortgages, but it would have happened with derivatives based on something else.
If the derivatives market crashes again, we’re well and truly screwed. And it has nothing to do with housing.
http://www.freerepublic.com/focus/f-news/2965885/posts
We bought our 2nd house in the middle of the Clinton era, and looking back on it, there were warning signs of what was to come with the ease with which we got that mortgage, as compared to our first house in the mid-80s. We were flabbergasted that they almost would have made the loan on the 2nd house on my income alone; we would have never considered it. Unfortunately much of the U.S., including all of Washington DC, isn’t as financially prudent as we are.
You’re wrong... read Sperry’s book, “The Great American Bank Robbery.”
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