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These guys aren't number-crunching whizzes making smart investments; what they do is find suckers in some municipal-finance department, corner them in complex lose-lose deals and flay them alive. In a complete subversion of free-market principles, they take no risk, score deals based on political influence rather than competition, keep consumers in the dark — and walk away with big money. "It's not high finance," says Taylor, the former bond regulator. "It's low finance." And even if the regulators manage to catch up with them billions of dollars later, the banks just pay a small fine and move on to the next scam. This isn't capitalism. It's nomadic thievery.
Former Senator Phil Gramm, from right here in Texas. Former chairman of the Senate Banking And Finance Committee. The same guy who in July 2008 said that "This talk of recession is all just in the people's heads. We've become a nation of whiners."
And so many Fox afficianados blame Barney Frank for the financial crisis.
Barney Frank just pushed it along with the subprime mess but he certainly didn't "start it". I do agree it goes back to removing what law was put in place that was a major cause of the Great Depression in the hopes of it never happening again.
Self-regulation..my foot.
The banks pushed for deregulation and they found people in government over the years who were only too glad to help them.
Barney Frank just pushed it along with the subprime mess but he certainly didn't "start it". I do agree it goes back to removing what law was put in place that was a major cause of the Great Depression in the hopes of it never happening again.
Self-regulation..my foot.
The banks pushed for deregulation and they found people in government over the years who were only too glad to help them.
I agree 100%. Some of the more rabid RWs on this forum are firm believers in this self-regulation nonsense. They give example after example, totally forgetting about "human nature" and greed.
Barney Frank just pushed it along with the subprime mess but he certainly didn't "start it". I do agree it goes back to removing what law was put in place that was a major cause of the Great Depression in the hopes of it never happening again.
Self-regulation..my foot.
The banks pushed for deregulation and they found people in government over the years who were only too glad to help them.
Sure, Frank was a bit player, but no more. He was a minority member of a GOP led House committee. The Republicans held all the cards at the time and could have easily blocked any initiative he put forward if they'd felt like it.
Of course the Dems shoulder some of the blame. But in 2003, when most of those quotes were made, the House was in GOP hands and the Dems were all minority members of those committees.
that makes the point that it is as broad as it is long, too many times here, parties and posters get painted with too broad a brush.
There is definitely enough blame to go around
that makes the point that it is as broad as it is long, too many times here, parties and posters get painted with too broad a brush.
There is definitely enough blame to go around
But don't lose sight of which party was making policy and governing the regulatory agencies. There lies the responsibility.
its both, you loose sight of that, you place blame where it suits you
Not at all. The blame just doesn't rest equally or anywhere near it. It can be spread, but only so far. The governing party sets policy and directs the regulatory agencies. That's not opinion.
Quote:
instead of finger pointing how about a fix by all involved
And which party is standing against all fixes and refusing to cooperate?
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It isn't
