Kevin-
To second, third, and fourth RWE, Steveaz and insufficently sensitive:
Guys like you are exactly the reason why tens of millions of Americans and hundreds of millions around the world are most likely to lose their job and go broke. You’re pushing the same ol big lie that all murdering leftists around the world dole out before they screw their people, ” the free market did us wrong”. What a disgusting, despicable jerk!
You wrote:It may have been a political lending on more liberal terms, but nobody required lenders … to pay off, nobody required them to continue lending on inflated assets … nobody required them to bundle bad loans with good ones …, nobody required fund managers to go in over their heads… etc.
Nobody required them? Wrong on every count. You leftists have obviously never been dealt with a hostile government auditor or inspector with a leftist agenda accompanied by a some leftist edict empowering him or her to crucify you. Happens all the time in the real world pal, particularly over the last fifteen or so years in the financial world.
The Democrats rigged the system and threatened the banks unless they play ball. Period. They also conveniently created a second tier of lending qualifications where members of the victim class got lower financing costs and more liberal qualifications. There actually was a map circulated to lenders and mortgage brokers by census tract where those in low income census tracts were eligible for better treatment. Franklin Raines a few years back actually crowed he was going to give out a trillion dollars in mortgages to the oppressed victim classes.
The damage done by derivatives was a multiplication of the original monumental crime done by CRA and the appointed democrats at Fannie and Freddie. But the system was allowed by those same regulators to be manipulated without reform or punishment. BTW, those democrats like Franklin Raines, Jaime Gorelick et al, in charge of Fannie and Freddie. made tens of millions of dollars in their schemes. So did the people funding Air America.
