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Wrong. The banks own the politicians. They force the politicians to do what they want them to do. Why do you think many of the present and past administrations are made up of ex wall street people and Bankers. Very few Americans really understand how our system is being operated today and what caused the financial crisis we are in. A bunch of you try to act like you know what you are talking about but you are just repeating what you are told by the main stream media. Hell, half the kids on OWS know more than most of you.
Cr*p, that is a seriously depressing article. And to think once again that Glass-Stegal would have stopped this too.
There is actually more investments firms doing the same thing making the potential public debt much more ... but once you get above 10 Trillion does it really matter? They are doing this because they know the future. This is probably why the world keeps getting told ... over and over ... that Greece is going down ... then saved ... then down ... then saved (over and over) ... they are just kicking the can ... giving a little more time for this kind of crap, the transfer of derivatives to public debt, to happen. Greece is a zombie.
Last edited by Vascodagama; 11-01-2011 at 11:14 PM..
As much as I despise Bloomberg even he isn't willing to lose his credibility in finance by not stating the obvious truth. Barney Franke, his boy toy Franklin Raines, Chris Dodd, and co. had their minions breathing down the necks of the banks making certain they made loans to people who could not afford it just because it would look good in the name of racial demographics.
This post is as far as I needed to go. Blame us what ever. Ill stop or this will be my last post.........
As much as I despise Bloomberg even he isn't willing to lose his credibility in finance by not stating the obvious truth. Barney Franke, his boy toy Franklin Raines, Chris Dodd, and co. had their minions breathing down the necks of the banks making certain they made loans to people who could not afford it just because it would look good in the name of racial demographics.
That meme was already discredited earlier in the thread:
1. The Community Reinvestment Act of 1977 was irrelevant to the subprime boom, which was overwhelmingly driven by loan originators not subject to the Act.
2. The housing bubble reached its point of maximum inflation in the middle years of the naughties:
3. During those same years, Fannie and Freddie were sidelined by Congressional pressure, and saw a sharp drop in their share of securitization:
while securitization by private players surged:
The fact is that for Bloomberg to go with the Congress-did-it argument at this stage is for him to reveal both that he is grossly ignorant about the central policy issue of the day and that he gets his “analysis” from right-wing flacks.
As much as I despise Bloomberg even he isn't willing to lose his credibility in finance by not stating the obvious truth. Barney Franke, his boy toy Franklin Raines, Chris Dodd, and co. had their minions breathing down the necks of the banks making certain they made loans to people who could not afford it just because it would look good in the name of racial demographics.
Show me one bit of legislation that forced these banks to give loans out.
These banks took part in these loans because THEY MADE MONEY, just as they made money from bundling them and selling them as securities. Just as they made money from shorting them while pumping them to their investors. Are you also going to say Barney Frank "made" them do this too?
The problem is that people like you love to advocate free market, but when it runs riot and burns America to the ground, you want to place the blame elsewhere. You can't have it both ways.
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