Tuesday, November 23, 2010 11:06:05 AM
I-IS, the letter of the law and the way it was enforced are not necessarily the same. Here is Clinton's HUD Secretary, Andrew Cuomo, explaining how they forced banks to make loans to low-income borrowers who could not meet the requirements for a mortgage.
Okay, I just PROVED that your claim was false, so SUCK IT!
Regarding, who had a depression and who had a Great Depression, wow, I guess you got me there. So I will graciously concede your point. It was a Great Depression in the US and Chile, and it was just a regular depression IN THE ENTIRE REST OF THE F***ING WORLD!
Wow you're great at researching things aren`t you? That was such an in depth and detailed response to what i said. Oh and btw it`s not false, it`s WRITTEN INTO the CRA that any actions made by the banks are still expected to follow safe and sound operating protocols and that their `cra rating` isn`t to be based directly on numerical results, it says the evaluation process should accommodate the situation and context of each individual institution.
"Only in America was it called "The Great Depression.""
It`s not called the great depression only in the US, that just shows how ignorant you are. Economic `depressions` have happened multiple times on varying scales, that was a huge one so it was called the GREAT depression. Chile is referred to as being the country hardest hit, not the US. Do you even read or do your opinions just come from dreams you have/FOX?
Monday, November 22, 2010 11:18:04 AM
(Sorry, my Internet went down last night...)
Okay, let's pause for a halftime report. The toxic assets have already been created. The crash is now inevitable. What regulations could you have put on Wall St. at this point that could have stopped it? The real damage was already done before Wall St. even got involved.
Now, I`ll grant you that there were a lot of shenanigans going on -- packaging, repackaging, insuring, re-insuring -- basically, as you said, passing the hot potato. Actually, it was more like musical chairs. Everybody was merrily dancing around the room till the music stopped and there weren`t enough chairs to go around.
We can rail against Wall St. for buying and selling crap, but the root cause of the crash wasn`t buying and selling this crap; it was creating the crap in the first place. That was done entirely as a result of government regulation which forced banks to make bad loans and the GSEs FM&FM who provided the money to do it.