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Back to the subject, I am surprised that no charges have been filed against Barney Frank and Chris Dodd. Seems to me that some prosecutor with morals should stand up and represent all the current/former homeowners who are now upside down or have lost their homes.
None of this would have been possible without Wall Street's creation of a market for bad mortgages. I know you'd love to squarely blame a few legislators. But they are waaaaaaay down on the list. Look at the big picture and not what you're told by select political commentators.
Both Bush and McCain spoke out about what been created in 2005 and Frank sure enough spoke up about how well things were going. Those two were more at fault than anyone I know of.
No they are outright liars who knew that people would lose their homes when the bubble burst. Don't forget that both Bush (as much as I dislike him) and McCain (respect him as a vet) tried to put a stop to all the lending shenanigans taking place, warning that there would be a crisis. Barney Frank insisted there that was and would be no crisis.
Barney Frank controlled the House, Senate and Executive Branch? Wow! What a powerful guy.
Both Bush and McCain spoke out about what been created in 2005 and Frank sure enough spoke up about how well things were going. Those two were more at fault than anyone I know of.
I don't know since the Dem minority in the Senate managed to threaten to filibuster if the Republicans insisted that discussion on the floor about using 4% of people's SS taxes for personal investments. I always wondered who was in charge when they wanted to do something that all young people really liked and let Dirty Harry Reid back them off.
Another thing of that type happened in the Senate in spring of 2006 when Juan McCain and Teddy Kennedy introduced their amnesty act. Reid convinced all his people, all 44 of them, that if they voted for it there would be enough Republicans going along to pass the bill. Sure enough 33 Republicans went along with them. Who was in control then?
Wouldn't it have been nice if the Democrats had taken the House over in 2004? Just think, all those illegals would have become citizens by act of Congress but the Dems weren't in control of the House and they had already voted down a like bill.
I sure do wonder who was in control of Congress back then.
This all seems like a distraction from the fact that investment banks became too clever for their own good, and began to use 30X leverage in order to make absurd bets with other banks in the form of exotic credit products that probably never should have been legal in the first place - or at least not as "over-the-counter" securities.
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