A question for Seaoat, Sal, bds and other liberal democrats

Sal wrote: Fannie and Freddie didn't originate any of the bad loans.

That was done by deregulated, private companies to make a quick buck.

Almost all of the crimes committed to inflate the housing bubble were committed by the originators, the appraisers, the rating agencies, and the investment banking firms that packaged the subprime mortgage-backed securities.

The FBI found that over 80% of all reported fraud losses arise from fraud for profit schemes that involve industry insiders.

So much for market discipline and self-policing.

And, who decided to deregulate these fraudsters?

There's a lot of blame to go around, but you can look first to Phil Gramm and Alan Greenspan.

Blaming the financial collapse on the poorz is just a fucking joke.

Markle wrote:

As you well know, it was DE-regulation but REGULATION which forced the housing/mortgage/financial bubble.  Congress, led by Barney Frank and Chris Dodd MANDATED that Fannie Mae buy more sub prime loans, to increase the percentage of bad loans on their books.

Doing that, as you know, reduced the requirements for all loans and created the no doc loans.

I realize that the FACTS are awkward for you.  Now imagine this, Chris Dodd and Barney Frank were Congressional leaders appointed to clean up the mess THEY created.  NO WHERE in the legislation do the words Fannie Mae or Freddie Mac even appear.  Go figure.

Bob wrote:

Sal wrote:

Those conniving ne'er-do-wells all got together and strong-armed those innocent and gullible investment banks to engineer subprime mortgages into highly leveraged securities.

Then they bamboozled all manner of hedge funds and pension funds and financial institutions into buying those worthless products.

And, just for good measure, those beggarly scofflaws then convinced bond-rating agencies to misrepresent the risk associated with those securities.

Makes sense to me.

I'll have some of whatever it is that you're smoking.[/font]

See,  it doesn't matter if it's the religious fanatics or the political fanatics,
you folks who have IQ's higher than the toaster all have something in common,  Sal.
The religious fanatics have their gods and their devils.  One gets credit for everything and the other gets the blame for everything.
Same with you political fanatics.
The republicans and the Wall Street crowd are your devils.  And the stupid sons of bitches who thought they could own houses on a minimum wage income are your gods.  
ALL the blame has to be put on one.  And the other gets to escape any and all blame.
And your counterparts on the right,  with the same IQ's higher than a toaster,  do the same thing.  Only their gods and devils are the reverse of what yours are.