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Post by kramer on May 29, 2009 8:25:08 GMT -6
From the AP: LinkAnd I know the 'genesis' of these risky loans: The 1992 Federal Reserve paper that suggested ways banks could lower their lending standards so that more people could buy homes. www.bos.frb.org/commdev/commaff/closingt.pdfKind of ironic how the fallout of a socialistic goal of the government is now moving us closer to socialisim. Kramer
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Post by waltc on May 29, 2009 9:55:20 GMT -6
There are a lot of other bad actors and events that led up to this disaster besides CRA.
1) Greenspan.
2) Killing Glass-Stegall. Glass-Stegall was a Depression era law that prevented banks from getting into the financial business and from getting too big to fail.
3) Commodity Futures Modernization Act which deregulated the Derivatives market. Greenspan was a big promoter of this as well.
4) The neutering of the SEC. Both Clinton and Bush managed to gut the SEC and render it a useless agency. So much so that they couldn't figure out Madoff was running a scam even after two of his workers informed the SEC of his Ponzi scheme.
5) The ratings agencies. Moody's and Standard&Poors conspired to rate junk paper as AAA(to make more money for themselves) and conned organizations from pension funds to banks to buy worthless paper for lots of money.
6) Major banks run by total idiots. See BofA's ceo as example. Who pushed through the deal of buying Countrywide even though the mortgage outfit was loaded down with tens of billions of toxic mortgages and whose founder had just fled the company. I mean here was one of big sub-prime lenders on the west coast that was notorious for giving mortgages to illegal alien onion pickers and crack dealers. Citi and others fall into this category as well.
7)Promoters of the bubble economy - basically the big 4 investment houses who had promoted the lunatic notion back in the 1980's that they could keep America from experiencing any sort of economic down turn by inflating one bubble after another to keep us going.
8)Deregulation. When does putting the fox in charge of the hen house make any sense. It happened in 1929 and we got the Great Depression as a result.
9) A corrupt mortgage industry that more often than not lied like psychopaths to honest home buyers and put millions of unqualified people into homes. Freddie and Fannie are included in this. Bush deserves most of the blame on the later two for not auditing the outfits and letting the IG lose upon them.
10)Both political parties and Wall Street in general. These fucktards are without a doubt some of the most corrupt and venal creatures ever to walk on this planet. The
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Post by waltc on May 29, 2009 11:40:51 GMT -6
Almost forgot to include:
10) All the MSM economic gurus who were telling everyone right up to last November that party was still going strong. You can still find a lot of these money losing psychopaths on CNN, FoxNews and CNBC still blabbing about investing in the stock market, etc. Though Fox and CNBC stand out though as virtual cess pools of these scumbags.
Why anyone would continue to listen to these bozos is beyond given they have zero credibility.
BTW these were the same fucktards who told investors to put their 401k's into aggressive stock funds which only made their loses all that more devastating.
These buggers should be taken out and shot dead.
11)Middle-class Americans who had the spending habits of Paris Hilton. You know the idiots who bought too much home, who used their homes as ATM's to buy skidoos, SUV's, vacations, home entertain systems, expensive college educations for their deadbeat offspring and thought saving money was for losers.
They never understood a home isn't a investment vehicle per se nor a ATM so you can live way beyond your means.
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Post by judes on May 29, 2009 18:16:56 GMT -6
Excellent Walt! You left one biggie off at least in my opinion. That is the traitorous policies of both parties that have led to the outsourcing of all our good paying middle class jobs, along with the insourcing of cheap illegal labor, all of which led to the decimation of the American workers earnings and purchasing power thus crippling over 70% of the economy.
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