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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
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.
I've provided proof many times........
First......when these vehicles started going bad the banks kept it quiet while they pawned them off on unsuspecting individuals. Now many will argue that they should not be unsuspecting and while that is true there is a trust factor here.
Goldman Sachs knew they were bad and were going to blow up. Selling them as quality investments is fraud.
Second, Sarbanes/Oxley made is illegal, punishable by prison time for a CEO to sign off on a fraudulent financial statement even he didn't know it was fraudulent. This was put in place after Ken Lay tried to claim he had no idea that Enron was built upon fraud.
There is no question that Countrywide's books were complete fraud. Mozilo paid a fine. He should have went to prison.
I think many on Wall Street at the very least should have been investigated. I also think many of our elected reps who enabled and deregulated the banking industry's failure should be jailed.
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.
Here's an excellent paper that explains why the blame for the housing bubble belongs squarely at the feet of the Federal government, specifically the Fed and the housing policies promulgated by Congress and HUD.
Here's an excellent paper that explains why the blame for the housing bubble belongs squarely at the feet of the Federal government, specifically the Fed and the housing policies promulgated by Congress and HUD.
Private enterprise were responding to the economic incentives put in place by the government.
Because you are bribed, it's O.K. to take that bribe? It's O.K. to sell people things you know are about to blow up and be worthless while telling them it's a good investment?
I say this and people jump in thinking you are trying to deflect the governments blame....I am not, they most certainly share in the blame. But that's important to note.....they "share" in the blame.
Because you are bribed, it's O.K. to take that bribe? It's O.K. to sell people things you know are about to blow up and be worthless while telling them it's a good investment?
I say this and people jump in thinking you are trying to deflect the governments blame....I am not, they most certainly share in the blame. But that's important to note.....they "share" in the blame.
They weren't "bribed" they were (essentially) coerced into both competing and indirectly abetting in a distorted market -- fueled by the distortive effects of Federal interference in the form of Ginnie Mae, Freddy Mac, and Fannie Mae. And the student loan fiasco, subsidizing billions of dollars in the pursuit of credentials of dubious marketability, was the final part of a burden that eventually broke the camel's back.
They weren't "bribed" they were (essentially) coerced into both competing and indirectly abetting in a distorted market -- fueled by the distortive effects of Federal interference in the form of Ginnie Mae, Freddy Mac, and Fannie Mae. And the student loan fiasco, subsidizing billions of dollars in the pursuit of credentials of dubious marketability, was the final part of a burden that eventually broke the camel's back.
They were bribed......part of the deal was in rescinding Glass-Steagall. But we will note....the argument has changed from "mandated" to "coerced".
Bank of America Admits – Central Bank Policy Enriched Wall Street While “Steamrolling” Main Street
Quote:
Wall Street is counting its winnings from seven years of easy money.
The results represent a clear victory for Wall Street over Main Street, according to the team of Michael Hartnett, BofA’s chief investment strategist.
“Zero rates and asset purchases of central banks have, thus far, proved much more favorable to Wall Street, capitalists, shadow banks, ‘unicorns,’ and so on than it has for Main Street, workers, savers, banks and the jobs market,” the BofA team wrote.
Because not only were the individuals who caused the most severe financial crisis in recent memory not punished for their crimes, but they were showered with trillions and trillions of dollars in bailouts and taxpayer backstops, and made far wealthier than they were before the crisis they caused.
Because 99.99% of the population have been crushed by this policy of “socialism for oligarchs” and they feel the intense pain of this decent into poverty every single day of their live.
That’s why Americans are still angry, and if more of them understood what actually happened, they’d be much more angry.
Every Wall Street Banker and Head of a Mega Corporation need to be tossed out of DC.
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