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re: Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 10:24 am to jamboybarry
Posted on 7/3/14 at 10:24 am to jamboybarry
quote:
Direct result of the Clinton presidency
FIFY
Fannie Mae and Freddie Mac were created under Clinton. The policy of forcing lenders to make home loans to people with no ability to pay them back was under Clinton. The Glass-Steagall Act which kept lending institutions and investment banks separate was repealed under Clinton, meaning that banks could re-bundle the mortgages into securities, rate them as safe, and then sell them on exchanges to municipal pension plans as safe investment products.
Bush on the other hand, repeatedly petitioned Congress to investigate Fannie and Freddie as well as to regulate those mortgage backed securities. Congress had that authority, NOT the president, and they refused to cooperate.
5
Posted on 7/3/14 at 10:25 am to kingbob
quote:
FIFY
I was being facetious
Posted on 7/3/14 at 10:25 am to kingbob
quote:
Congress had that authority, NOT the president, and they refused to cooperate.
Executive Order, duh. He missed his chance.
Posted on 7/3/14 at 10:31 am to kingbob
quote:
Fannie Mae and Freddie Mac were created under Clinton
Not quite. Fannie was a New Deal creation under Roosevelt and Freddie was started in 1970 under Nixon.
Posted on 7/3/14 at 10:34 am to kingbob
Bob, that shite is fricking retarded.
Nobody forced fricking banks to do shite. This was a profit scheme. Load the balance sheets with toxic assets, sell them off as grade A beef, and then when insurers collapse, the government has no choice but to bail them out. Do some reading on the complicit nature of the subprime lending practices, fraudulent documentation, etc. the banks never had hands forced to make these loans.
Wall Street is not some liberal enclave, it is a business hub and the political connectivity to DC is static, regardless of who is in charge.
Nobody forced fricking banks to do shite. This was a profit scheme. Load the balance sheets with toxic assets, sell them off as grade A beef, and then when insurers collapse, the government has no choice but to bail them out. Do some reading on the complicit nature of the subprime lending practices, fraudulent documentation, etc. the banks never had hands forced to make these loans.
Wall Street is not some liberal enclave, it is a business hub and the political connectivity to DC is static, regardless of who is in charge.
Posted on 7/3/14 at 10:40 am to kingbob
quote:
Bush on the other hand, repeatedly petitioned Congress to investigate Fannie and Freddie as well as to regulate those mortgage backed securities. Congress had that authority, NOT the president, and they refused to cooperate
This.
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