FBI investigating U.S. financial institutions at heart of meltdown
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0
SezWho2
Unless, of course, the root cause of all the troubles is something more pedestrian, such as the desire to live beyond one's means and a political system that feeds the addiction.
0
Nippon5
SezWho2 at 05:22 PM JST - 24th September
...the root cause of all the troubles, billions of dollars of bad mortgage debt...
Unless, of course, the root cause of all the troubles is something more pedestrian, such as the desire to live beyond one's means and a political system that feeds the addiction.
Very true!!
0
Alinsky4prez
Now you're talking, comrade.
0
SezWho2
Alinsky4prez,
Very succinctly put. I admire the economy with which you add nothing.
0
Sarge
If the FBI takes a good close look at the Democrats involved in this mess, it will aid immensely in their investigation.
0
Alinsky4prez
What's to investigate? Why don't they trust liberals?
Barney Frank (D-MA), 2003 : "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
0
yabits
"Barney Frank (D-MA), 2003 : 'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.' "
Gee, put the Bush administration to work on something and they can make liars out of anybody within five years.
0
Alinsky4prez
Luckily, the FBI are all a bunch of repubs for whom the NY Times is considered even less worthy birdcage liner than something from the old Pravda press.
NY Times, September 30, 1999:
" In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all
0
Betzee
Yabits,
Yes, someone has been lying, and Alinsky must be aware of this since it was reported in the NYT's, the newspaper he cites:
One of the giant mortgage companies [Freddie Mac] at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain’s campaign manager, according to two people with direct knowledge of the arrangement.
The disclosure undercuts a remark by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years.
What caused the meltdown was the use of credit derivatives to mask the risk embodied in sub-prime mortgages. The use of credit derivatives, along with other financial instruments dreamed up by the private sector, was unregulated (after Congressional pockets were lined). Phil Gramm was their biggest proponent.
We're not waiting in California where a bill is in the legislative pipeline to prohibit bonus payments to mortgage brokers who talk clients into accepting riskier loans.
0
medievaltimes
Great point sezwho2. I like America and I like free and open markets. But there is a disturbing characteristic of entitlement and instant gratification among many Americans nowadays. It doesnt bode well for the future of the country.
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yabits
Betzee,
There are extremely pathetic people who have so much hatred for others that they can't even represent their own views, but instead offer nothing but cynicism. (How can such cravenly dishonest people admit to the flaws in their policies and philosophy?) There is satisfaction in knowing that this type of low character is only to be found on the opposing side to liberals.
0
Betzee
You offer a great deal of insight here. What an awful existence! (Though a belief in personal responsibility prevents me from having any sympathy). Phil Gramm didn't just take a weed wacker to federal regulation, he used a snow blower and the Republicans are stuck with this legacy.
0
unscrejects
Three years ago I started to get unsolicited calls from Asian property dealers in Hawaii asking me if I wanted to make quick money. They said all you have to do is come out for a few days - the bank pays, you bid on a foreclosed property and then sell it to the bank - they'll give you the money to buy the property and tell you the price you'll get the place for. I put out a stack of messages to US regulators - not a single one replied.
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