« previous next »
Pages: [1]   Go Down

Author Topic: Wall Street Did It?  (Read 1467 times)

0 Members and 1 Guest are viewing this topic.

Offline Chris_

  • Little Lebowski Urban Achiever
  • Hero Member
  • *****
  • Posts: 46845
  • Reputation: +2028/-266
Wall Street Did It?
« on: October 21, 2011, 10:49:04 AM »
Quote
Wall Street Did It?


Based on the number of toxic loans in the system in 2008, the government was responsible for not just a simple majority, but more than two-thirds. It's quantifiable — 71% to be exact. And the remaining 29% of private-label junk was mostly attributable to Countrywide Financial, which was under the heel of HUD and its "fair-lending" edicts.

To be fair, the blame-Wall Street narrative has cemented in the public consciousness, and is hard to crack. That's because in the wake of the crisis, the Obama White House and Pelosi-Reid Congress engineered a cover-up of Washington's role in the mess through the Democrat-led Financial Crisis Inquiry Commission. The national media now defer to it as the final authority on what caused the crisis and ensuing recession.

While not blameless, Wall Street is an easy scapegoat. And investment houses that made billions slicing and dicing mortgages into CDOs, derivatives, credit default swaps and other exotic paper are easy to demonize. But the problem wasn't these financial instruments. Or even the obscene profits they generated. Mortgage-backed securities were nothing new, and we've always had speculation in the market.

The problem was the underlying assets: low-quality mortgages. We've never had so many junk home-loans poisoning the financial well before. And who poisoned the well? Washington and its affordable-housing policies.
Investors Business Daily

Yeah, that's what I thought.
Logged
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline Eupher

  • Hero Member
  • *****
  • Posts: 24894
  • Reputation: +2828/-1828
  • U.S. Army, Retired
Re: Wall Street Did It?
« Reply #1 on: October 23, 2011, 10:01:04 AM »
Makes complete sense to me, but try to convince those OWS idiots around the globe of that. Ain't gonna happen. They are busy getting their feet sniffed, toes sucked, and polluting their "camp" with their feces and urine.

Logged
Adams E2 Euphonium, built in 2017
Boosey & Co. Imperial Euphonium, built in 1941
Edwards B454 bass trombone, built 2012
Bach Stradivarius 42OG tenor trombone, built 1992
Kanstul 33-T BBb tuba, built 2011
Fender Precision Bass Guitar, built ?
Mouthpiece data provided on request.

Offline Wineslob

  • Hero Member
  • *****
  • Posts: 14445
  • Reputation: +780/-193
  • Sucking the life out of Liberty
Re: Wall Street Did It?
« Reply #2 on: October 24, 2011, 10:06:19 AM »
What? Illegal Undocumented Aliens shouldn't be able to buy a 750K home?


  :racista:
Logged
“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance.”

        -- Marcus Tullius Cicero, 55 BC (106-43 BC)

The unobtainable is unknown at Zombo.com



"Practice random violence and senseless acts of brutality"

If you want a gender neutral bathroom, go pee in the forest.

Offline CG6468

  • Hero Member
  • *****
  • Posts: 11493
  • Reputation: +540/-210
Re: Wall Street Did It?
« Reply #3 on: October 24, 2011, 03:33:14 PM »
Quote from: Wineslob on October 24, 2011, 10:06:19 AM
What? Illegal Undocumented Aliens Democrats shouldn't be able to buy a 750K home?


  :racista:
Logged
Illinois, south of the gun controllers in Chi town
Pages: [1]   Go Up
« previous next »