Crony capitalism

2001400ex said:

SFGbob said:

2001400ex said:

SFGbob said:

2001400ex said:

SFGbob said:

I love how the dipshit thinks his posting the House vote totals from the repeal of Glass-Steagall addresses even one of the questions I asked. Hondo lets go of the side of the kiddie pool and sinks like a rock.

Ok. Give me your synopsis of the recession.

Google it. How did that vote total image address anything I said Hondo?

You asked this question.

Now, what was it that allowed the lender to move all of those questionable loans off of their books?

You don't think the glass steagal repeal had anything to do with it?

Now give me your synopsis of the recession.

Glass-Steagal allowed the banks to get bigger. It didn't create the secondary mortgage market and the relaxing of lending standards or the rating agency fraud. If you really want to look at one item to blame the 2008 financial meltdown on blame Fannie and Freddie. Without their creation you would have never of had climate that existed that led to mortgage meltdown.

There isn't just one thing. Fannie and Freddie was one component but not the biggest. Banks lending money to unqualified people was the biggest factor. You are correct on the rating agency bullshit and them packaging shit mortgages and selling them to free up more capital to lend more was an issue. Then the selling of derivatives of those bullshit mortgage packages made it even worse.

Now you can answer the questions I asked in my initial post. You know the one where you posted the vote totals for the repeal of Glass-Stegal. Without Fannie and Freddie, and the creation of the secondary mortgage market and the widespread securitization of home loans, banks would have never made those loans in the first place. If those loans would have stayed on the books of the banks that did the lending you would have never had people making liar loans, no money down, zero interest loans.

I never claimed it was just one thing that led to the Financial meltdown. But Glass-Stegal had little if anything to do with mortgage meltdown. That's a lib talking point with no validity. But if you were to go back in a time machine and change one thing, stopping the creation of Fannie and Freddie would have halted the series of actions and events that followed that led to housing meltdown and it's a great example of how Government distorts the free market often with disastrous consequences.

RaceBannon said:

2001400ex said:

SFGbob said:

2001400ex said:

SFGbob said:

2001400ex said:

SFGbob said:

I love how the dipshit thinks his posting the House vote totals from the repeal of Glass-Steagall addresses even one of the questions I asked. Hondo lets go of the side of the kiddie pool and sinks like a rock.

Ok. Give me your synopsis of the recession.

Google it. How did that vote total image address anything I said Hondo?

You asked this question.

Now, what was it that allowed the lender to move all of those questionable loans off of their books?

You don't think the glass steagal repeal had anything to do with it?

Now give me your synopsis of the recession.

Glass-Steagal allowed the banks to get bigger. It didn't create the secondary mortgage market and the relaxing of lending standards or the rating agency fraud. If you really want to look at one item to blame the 2008 financial meltdown on blame Fannie and Freddie. Without their creation you would have never of had climate that existed that led to mortgage meltdown.

There isn't just one thing. Fannie and Freddie was one component but not the biggest. Banks lending money to unqualified people was the biggest factor. You are correct on the rating agency bullshit and them packaging shit mortgages and selling them to free up more capital to lend more was an issue. Then the selling of derivatives of those bullshit mortgage packages made it even worse.

Breathtaking stupidity

Yep, one of the ways the banks were initially enticed to make loans to people who previously didn't have the credit and income scores to get a mortgage was the lowering of the standards Freddie and Fannie used in order to purchase the originals loans. Bank balked when they were initially being pressured to issue more sub-prime loans. To overcome their resistance the Feds used some stick (we're going to hold up your merger or expansion) and a lot of carrot, you won't have to keep those loans on your books, Freddie and Fannie will buy those loans from you.