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You are arguing the absurd notion that underwriters weren't fully involved in this scam and the only reason they were forced to lend was because of "civil rights" regulations that forced the to lend to minorities? Is that what you are implying?
The Private Securities Litigation Reform Act of 1995, along with Supreme Court precedent, has absolved underwriters from any private right of action for engaging in securities fraud. There is no downside for them. They can't be held accountable by shareholders or the Government. And if they make bad investments, the government will bail them out. It's a win-win-win-win for them.
My friend ran into some protestors blocking her way into the parking lot of the Ritz Carlton yesterday.
She made an interesting observation. They were holding signs that say, "We hate rich people." She said if we held signs that said, "We hate poor people," we'd probably get our asses tossed in jail.
My post is simply that saying Frank/Dodd are the primary reason the economy is so bad is myopic and foolish at best, and I can provide a host of data to refute those claims. They are the claims of Republicans.
Again, the housing market was a catalyst ONLY.
And another..Never said Dodd and Frank ruined the entire economy, never mentioned as it problem specific to dems either. Your off on a tangent here, reel it in..Your entitled to believe what you want..
She made an interesting observation. They were holding signs that say, "We hate rich people." She said if we held signs that said, "We hate poor people," we'd probably get our asses tossed in jail.
The Private Securities Litigation Reform Act of 1995, along with Supreme Court precedent, has absolved underwriters from any private right of action for engaging in securities fraud. There is no downside for them. They can't be held accountable by shareholders or the Government. And if they make bad investments, the government will bail them out. It's a win-win-win-win for them.
BRAVO HP!! There is an excellent example..Same logic applied to Fannie and Freddie..There profit was private but they were Government sponsored/regualted and secured. No downside for them either. Wall Street is simply guilty of knowing this and doing what they're supposed to do, create wealth.
Again, impetus is the Govt. in the housing debacle.
My friend ran into some protestors blocking her way into the parking lot of the Ritz Carlton yesterday.
She made an interesting observation. They were holding signs that say, "We hate rich people." She said if we held signs that said, "We hate poor people," we'd probably get our asses tossed in jail.
It sounds amusing, I detest social services leaches including some poor people, and some wealthy who pimp off of them.
It looks like crudely attacking people rather then problems.
Her responses could have been to call them stupid subhuman animals, or just ignore them. Or tell them they should be steralized. More or less things that Michael Savage would say when he thinks the mic is not on.
I bet they wanted to scratch the car though.
Last edited by 1957TabbyCat; 10-07-2011 at 10:44 AM..
And another..Never said Dodd and Frank ruined the entire economy, never mentioned as it problem specific to dems either. Your off on a tangent here, reel it in..Your entitled to believe what you want..
Actually, you started with this.
Quote:
Originally Posted by skids929
Too much regulation over time is a large part of the reason where we are at this point economically. The weaknesses in our economy that is permeating into the fabric of our society today reflect too much regulation
That certainly doesn't mention the housing market, and sure seems to be talking about the economy as a whole.
Quote:
Originally Posted by skids929
the impetus was too much regulation that lead to this weak (to put it mildly) housing market. See Dodd/Frank, Janet Reno threatening lawsuits to banks who didn't provide loans to the "underserved population"
Ah, then you bring up the housing market. Ok, if you're going to backtrack from your original point, at least say so. Also seems to be singling out Dems here as your sole reason for the housing crash.
Quote:
Originally Posted by skids929
I didn't say WW financial crisis, I referenced mostly our domestic housing crash.
And again, read above, you were talking about our economy as a whole, NOT the housing crash. So your point then, is too much regulation caused the housing crash. That however, is a small blip in the face of the US (and the rest of the world's) economic situation, which was set off by a lack of regulation.
But the argument I like best, which is based on facts I am too busy to list today; are the impetus was too much regulation that lead to this weak (to put it mildly) housing market.
I also said this...
Yes, this is my point..If I didn't make that clear my bad. I used it as a pretty strong example of how too much misguided regulation stinks. ; )
"Publicly subsidized, privately profitable"
The anthem of the upper-tier, puppetteer untouchable
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Social Services Leaches
