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I have heard many times things to the effect of "Those on Wall Street created this mess and should have been held accountable and sent to prison for it" but do you really think that? As in would you really be okay with many of those that through either shady or just very irresponsible business decisions should have been rounded up and gotten several years in prison?
The bankers who paid off Gramm, Ruben, Raines, Summers, Clinton, et al. need to go to prison for a long, long time.
Add Barney Frank and everyone involved with Fannie Mae and Freddie Mac. Without those two GSEs to back their bad investments (and ultimately buy them) the large banks would never have risked their own money in these sub-prime loans to customers with no credit history or ability to pay them back. Even more, any senator or representative that mandated that banks make these sub-prime loans and forced Fannie and Freddie to back them should spend the rest of their lives in prison. Go after the real cause of the problem (government) first. It's time to hold government employees as well as elected officials responsible for their actions. Not just those in private business.
unfortunately even if you present every single fact with a judge and jury- with pictures- documents and video-- people will still blame the present president or poor people
Add Barney Frank and everyone involved with Fannie Mae and Freddie Mac. Without those two GSEs to back their bad investments (and ultimately buy them) the large banks would never have risked their own money in these sub-prime loans to customers with no credit history or ability to pay them back. Even more, any senator or representative that mandated that banks make these sub-prime loans and forced Fannie and Freddie to back them should spend the rest of their lives in prison. Go after the real cause of the problem (government) first. It's time to hold government employees as well as elected officials responsible for their actions. Not just those in private business.
That is not what occurred. The investment banks created their own ecosystem where they didn't need the GSEs. The investment banks were the dominant players at the height of the bubble. The GSEs wouldn't even take the worst loans that the banks were producing. The GSEs also were not creating CDOs, CDO squared, CDO cubed or synthetic CDOs.
I have heard many times things to the effect of "Those on Wall Street created this mess and should have been held accountable and sent to prison for it" but do you really think that? As in would you really be okay with many of those that through either shady or just very irresponsible business decisions should have been rounded up and gotten several years in prison?
Well first, they would have to charged with breaking some law, then convicted of it.
All I have read is, ""Those on Wall Street created this mess and should have been held accountable and sent to prison for it" without 1 single shrewd of proof given that they broke any law.
Everyone should see "The Big Short" Only one guy was sent to prison for doing what they all did. Plus as the movie says, it's all starting again.
They have their eye on a giant carbon-credit exchange (CCX) that will suck dry every retirement account in America.
Obama started the exchange while under the direction and tutelage of Valarie Jarrett with a grant from the Woods Foundation.
Hillary is also deeply involved pushing for a cap and trade program and making carbon-taxes and centerpiece of her campaign.
The corporate whores on both sides (mostly Democrats) have wanted to advance their mostly assembled retirement account eviscerating machine for years but have failed to pass cap and trade.
When the day comes that they do, the bubble it creates and the subsequent collapse will make the financial crisis of 2008 a footnote in history.
Lots of wealthy insiders will make a mint while average, ordinary working Americans will loose decades worth of personal savings overnight.
Add Barney Frank and everyone involved with Fannie Mae and Freddie Mac. Without those two GSEs to back their bad investments (and ultimately buy them) the large banks would never have risked their own money in these sub-prime loans to customers with no credit history or ability to pay them back. Even more, any senator or representative that mandated that banks make these sub-prime loans and forced Fannie and Freddie to back them should spend the rest of their lives in prison. Go after the real cause of the problem (government) first. It's time to hold government employees as well as elected officials responsible for their actions. Not just those in private business.
They never mandated for banks to make bad loans. They just made it so banks could do it with little to no risk and have it be very profitable. They did completely ignore all common sense.
It was a quid pro quo....the government said "you make bad loans for us which we will back them and in return we will remove the restrictions from you betting money that doesn't even belong to you".
I understand what the banks had to gain but I'm still at a loss to understand what the politicians had to gain as it should have been plain it was never going to work.
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