Posted on 08/01/2010 6:34:13 AM PDT by Servant of the Cross
You need to learn the history of Fannie Mae and Freddie Mac. The meltdown was caused by stupid regulatory policy. When attempts were made to reform the policy Democrats in the US Congress, like Barney Frank, blocked the reforms for political reasons.
The US Government, not Wall Street, is the problem. Notice that the current 0bama "fiscal reform" bill does not fix this derivitives problem? Because the powers that be in DC do not want this direviatives scam fixed. There is too much money to be made using it.
American Idol Elects a President. Blame government schools.
later ping
“You cant educate a mindless leftist zombie. “
A few years ago I would have argued with you. Today, Yes, I agree with you. Some of the “smartest” people I have known have been liberals. They were smartest only in their own minds. They had and still have this mental block that absolutely refuses to acknowledge any facts that contradict their world view.
I used to be the “innocent idealist” breed of leftist. THEY can be rehabilitated, though the scars may last forever.
Then there is the other kind, the hard left breed. They are beyond hope. We would have better luck rehabilitating a pedophile or a Taliban commander.
In the end the outcome will be the same.
“Completely Wrong.
You need to learn the history of Fannie Mae and Freddie Mac. The meltdown was caused by stupid regulatory policy.”
Oh stop, no one is completely wrong ever. Remove your hand from the big on/off knife switch in your head and the world will become a whole lot more comprehensible to you.
Now, tell me how those bad loans got bundled together with good loans and then insured so that they were rated AAA. Who came up with that bit of connivance? Anyone with an ounce of analytical ability looks upon AIG’s malfeasance in agreeing to insure those crap bundles with anger and disbelief.
This has NOTHING to do with regulation and A WHOLE LOT to do with a sociopathological ethical framework in the boardrooms of America, period. NOBODY made waves, nobody did what a handful of men did at Lexington and Concord. I think that the Wharton School of Economics and their ilk need to be taken behind the woodshed and encouraged to open a Department of Heroism and Righteousness among all that moldering brick and ivy.
You want a whipping boy, smack AIG around the block. Why that company’s board of directors isn’t looking over their shoulder on the evening commute is beyond me.
Life should be made as dangerous for them as their actions have made it for millions of Americans, including patriots such as yourself.
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