Vintage era - test-drb@ccmp.vtda.org

8 Feb 2013

So the banks just one day decided to throw all caution to the wind. And you never even
stop to ask why. Absolutely nothing to do with the fear of litigation. I already said the
banks played their part. But the govt and the lawyers provided fertile ground for all the
shenanigans. Go on youtube and take a look at what Barney Fag and Maxine Waters had to say
when investigations of Fannie and Freddie were taking place. Yes this started long before
Obama was president - the problem is liberal democrats, of which he is one if you
haven't noticed, but my understanding is even he worked at firm which engaged in
harassing banks into generating risky loans.

 Oh no. The whole crisis had nothing to do with the gov't wanting to get low income
people into houses. It was just the evil banks devising this crap on their own. And
granted.the loans were packaged and repackaged in some kind of effort to balance their
books, which just caused everything to come crashing down. But just tell me - yes tell me
what the Community Reinvestment Act has to do with responsible government. 
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On Fri, Feb 8, 2013 4:54 AM PST Steven Hirsch wrote:

...
 On Thu, 7 Feb 2013, Chris Tofu wrote:

  Putting the cart before the horse. Obviously
banks were more or less FORCED into delving out loans to those who couldn't pay them
back. But if the do good granny state LIBERALS would have stayed out of the business of
deciding who should own their own home (that would be everyone), things wouldn't be
anywhere near as messy as they are. 
Sorry, I normally stay out of political flame-wars, but cannot let this go by without a
rebuttal.  Simply put:  Check your facts with an authority other than Fox News before
repeating this tired, right-wing rhetoric.

There is a small kernel of truth in that Fannie-Mae and Freddie-Mac were under pressure to
get more loans into under-served areas.  However, the vast majority of shenanigans took
place in the private sector which needed no impetus other than greed to throw underwriting
guidelines overboard. The total default exposure from Fannie and Freddie as a result of
congressional push was a tiny fraction of what such great American icons as Nationwide
Finance ran up with no other push than desire for executive bonus.

  to the mix an administration who is running ads
in Mehico explaining how people can get food stamps and whatnot once they get here. Can
you say, anyone, high crimes and misdemeanors? Too difficult? How's about TREASON!!!
Yes the banks and the suits and the boogeyman are culpable. But I'll repeat if they
were left alone and allowed to do what they're supposed to do and not dole out risky
loans, we wouldn't be here. 
Left completely to their own devices, Wall Street would have tanked the world economy out
of nothing more than sheer, unadulterated greed.  If your much-hated Gub'mint
hadn't backed up their malfeasance with billions of dollars of taxpayer money, the
ensuing crash would have given the Great Depression competition for extremes of misery. 
And, guess what?  The same forces that brought you the great recession are fighting tooth
and nail to gut any semblance of regulation so they CAN DO IT ALL OVER AGAIN!

  If you haven't done research into the root
causes of this crisis, you just don't want to know. 
My friend, I have done my research.  If you used sources other than Rush Limbaugh, Glenn
Beck and the Murdock media empire you'd not be so quick to buy into and spout this
nonsense.

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