You again make my point as does the article. Government failed - maliciously.
Rather than provide proper regulation, Chris Dodd, Barney Frank, et. al. were taking the liars and crooks donations. And following their lefty ideology they were using their power to socialize the housing market - redistributing real estate wealth from rich to poor. See NR article below.
And to trivialize the government bullying bankers simply shows that you have just a blind faith and love for the State and Big Brother. Who is on the One’s enemies list? Who’s next for you to sit in the show-trial jury and condemn? Oil companies? Health Care Companies? Doctors who charge too much for removing a foot? When will it be Parsy’s turn for bullying?
Hmmm, who else has been bullied lately? Toyota? GM bond holders? News Companies? Radio personalities? Coal companies? Spitzer and his ‘legal’ bullying terminally executed a company in my town for the most trivial legalistic transgression. Guess that’s ok, they were jobs in Wisconsin, not on Wall St.
——”You get to bet on whether somebody’s house burns down. Wouldn’t it be cool if you sold houses with really faulty wiring. And it was legal to do so?” -—
And in a country of laws the only way you could sell the house is if you paid off the city building inspector.
Growing up in Chicago, that’s how its done. And if you have ever lived in a country of corruption, like Haiti, you would know that the government failure to enforce building codes leads to death from failing buildings.
http://article.nationalreview.com/374045/planting-seeds-of-disaster/stanley-kurtz?page=3
At this point, both ACORN and the Clinton administration were working together to impose large numerical targets or “set asides” (really a sort of poor and minority loan quota system) on Fannie and Freddie. ACORN called for at least half of Fannie and Freddie loans to go to low-income customers. At first the Clinton administration offered a set-aside of 30 percent. But eventually ACORN got what it wanted. In early 1994, the Clinton administration floated plans for committing $1 trillion in loans to low- and moderate-income home-buyers, which would amount to about half of Fannie Mae’s business by the end of the decade.
“——”You get to bet on whether somebody’s house burns down. Wouldn’t it be cool if you sold houses with really faulty wiring. And it was legal to do so?” -—
And in a country of laws the only way you could sell the house is if you paid off the city building inspector.”
Oh No! Let me show you another way. A whole big bunch of people in the city are Republicans. Being badly influenced by some thuggish Libertarians, they have been convinced that “City Building Inspectors” are just a waste of the city’s money. As all good Republicans know, gov’t don’t do nothing but “maliciously fail” anyway.
And plus, the housing business can police itself. The consumer and the construction guys ought to work this kind of stuff out between themselves. That’s what free enterprise is all about.Free markets and none of this regulation stuff.
So now, admit this-—I gotcha! This is how the failure to properly regulate only goes to harm the consumer.
And sure, the bldg inspectors could have been on the take. And if they were, and houses burned down, citizens could be calling for prosecution. (Like Karl Denninger at market Ticker .com does!) (And Eliot Spitzer, etc.)
BUT-—WITHOUT THE UNDERLYING REGULATIONS THE VICTIMS ARE UP DOO DOO CREEK WITHOUT A PADDLE!
parsy, who likes caps