“And by the way, the leadership of these companies were following the rules the Congress of the United States of America set up. Barney Frank and company were pleased as punch to implement them.”
I’m not so sure. Making loans to questionable people is one thing, but much of our trouble is from financial instruments sold against those loans. I don’t think Barney thought up that one.
No, Barney didn’t. But what he did do was force lending institutions to take on loans that the borrowers couldn’t service. Were those loan institutions going to hang on to that paper and watch their institutions be destroyed? No. Nobody in their right mind would.
The lending institutions found a way to bundle that paper, and move it off their books. What they didn’t manage to bundle and pass off harmed them significantly, despite their efforts.
IMO, the Left and their sympathizers set up a system destined to fail. That was the goal all along. The Capitalist system is being blamed for this.
Who is really to blame?
Look, this situation should never have been set up. Any kid that knows simple math could have seen this coming. Two parties watched the trains headed toward one another and did nothing.
Then instead of allowing large corporations to declare bankruptcy and move on, the government stepped in to bail them out and take control. Then they jumped in to rescue mortgages for people who weren’t able to service their old mortgages and won’t be able to service the new ones either. Capitalism will take another hit in three to five years, perhaps even sooner.
And when it does, the left will be right there to trash Capitalism even more, despite the reality that THEY defeated Capitalist tenets to produce precisely what they wanted to.
And our so-called Republican leaders, are still looking on without a clue.
We’re watching the systematic destruction of Capitalism as a legitimate honored economic system.
When you trash the players that were merely finding ways to work within the system the Left set up, you’re helping them to do it.
That’s my opinion. I’m not trying to rip you here. I’m trying to explain what I see going on. Take care.