The Conservative Cave

Current Events => Political Ammunition => Topic started by: Chris_ on October 21, 2011, 10:49:04 AM

Title: Wall Street Did It?
Post by: Chris_ on October 21, 2011, 10:49:04 AM

Quote

Wall Street Did It?
(http://i237.photobucket.com/albums/ff68/kayaktn/ISSloan_111021_png.png)

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 (http://www.investors.com/NewsAndAnalysis/Article.aspx?id=588856&p=1)

Yeah, that's what I thought.

Title: Re: Wall Street Did It?
Post by: Eupher 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.

Title: Re: Wall Street Did It?
Post by: Wineslob on October 24, 2011, 10:06:19 AM

What? Illegal Undocumented Aliens shouldn't be able to buy a 750K home?


  :racista:

Title: Re: Wall Street Did It?
Post by: CG6468 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: