Posted on 03/10/2023 12:21:07 PM PST by nuconvert
“In all my reading on the subject, I got the impression that the banks would have extended those loans even if the U.S. government never said anything about it”
That’s correct. Plus the exotic lending was an innovation of the shadow banking sector. These are investor financed firms; hedge funds, investment banks, Wall Street firms, pure mortgage firms that don’t take deposits. They are not regulated like commercial banks that the public uses.
The mortgage paper generated by these non-bank lenders found its way into commercial banks when it was bundled as MBS mortgage backed securities and sold as investment grade paper.
What’s amusing is that they’re probably going to the REPUBLICAN Congress next week and ask for a bailout. Just weeks after these same Silicon Valley players were proven to have censored REPUBLICANs’ social media for years.
From Gaetz’ discussion with Bannon today, I think he’s eager to tell them, “um... NO!”
Will they have the humility to slink in, with hats in hand? Or will whey sashay in with usual arrogance?
“Jim Cramer was talking up as a huge upside about a month ago”
Bannon played that Cramer clip from last month, then a clip from his show today. Oy! (Is Cramer EVER right? Recently, didn’t apologize on air for a major F-up?)
Did some apology not long ago for pushing meta/Facebook
That’s it. Thanks.
The “Wall Street Pit”?
That 2015 article is calling bank fines and regulation “defacto nationalization”. It doesn’t bother telling us what the fines were for nor what regulation they are equating to “nationalization”.
Banks have been regulated since The Office of the Comptroller of the Currency was created in 1863. That wasn’t exactly new in 2015.
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