Banks lie, steal, and pillage, taxpayers pay the bill (bankrupt, small business, free market)

[mathjak107]

Originally Posted by Ariadne22

The responsibility lies with the banks. Phil Angelides, Chair of Financial Crisis Inquiry Commission

Financial Crisis Inquiry Commission | Commissioner Phil Angelides (http://www.fcic.gov/about/p-angelides.php - broken link)

was on C-Span today (here is video)

http://www.c-span.org/Watch/Media/2010/10/24/NM/R/39729/Financial+Crisis+Inquiry+Commission+Chair+Phil+Ang elides.aspcx (broken link)

saying Wall Street banks which securitized the bad loans, KNEW they were bad. Banks putting together the derivatives had due diligence committees examining these loans which knew that 28% of them did not meet underwriting standards. But the banks sold them anyway and sold short against them. Of course, we've all known this forever - but they need to go through the process.

Maria Bartoromo also on C-Span today STILL doesn't get it. Played down the unemployment problem, saying it was mostly financial people who lost their jobs and were hurt because of this. She is married to the son of one of the Wisdom Tree mutual fund founders. They are sloshing around in so much money they haven't a clue and never will have.

I like to think - silly me - that SOMEDAY someone is going jail and is going to pay $500 billion in fines for the damage caused and lose everything they have.

When pigs fly.

what do you mean when pigs fly? it already happened, we just had a swine -flew epedemic

[Ariadne22]

Originally Posted by mathjak107

what do you mean when pigs fly? it already happened, we just had a swine -flew epedemic

http://bestsmileys.com/lol/1.gif (broken link) We sure did, and it's not over.

[slackjaw]

Originally Posted by RandyWatson13

u must be a loan officer

Nah I'm a computer programmer, but made sure I understood mortgage contracts I was signing and researched appropriate debt ratios and financial risk of default before committing to have the roof over my head as the collateral for a huge loan.

Call me crazy.

[Ariadne22]

Here is another fabulous read on this subject:

What Happened to Change We Can Believe In?

http://www.nytimes.com/2010/10/24/op...24rich.html?hp

An excerpt:

Asked in “Inside Job” why there’s been no systematic investigation of the 2008 crash, Roubini answers: “Because then you’d find the culprits.”

And, some of the comments are priceless.

[DSOs]

Originally Posted by slackjaw

In a way, they did. They took on mortgages they shouldn't have which created the bad debt.

There’s no such thing as gullible borrowers in TODAY’s world. The keeping up with the Joneses mentality has been learning how to use & abuse credit/debt with each passing generation.

Originally Posted by trishguard

I'm still waiting for the criminal indictments of these bankers. Why aren't any of them on trial yet?

You’re not going to see too many indictments; unless the homeowners, who signed on the dotted line, also get indicted.

[CosmicWizard]

mathjack wrote:

what do you mean when pigs fly? it already happened, we just had a swine -flew epedemic

Makes me wonder what this years end-of-the-world epidemic will be. Get yer flu shot today! I wonder how the crooks in banking tie in with the crooks in big pharma? I'm guessing they are one and the same families at the top of the whole scheme to rule the world.

[Ariadne22]

Originally Posted by DSOs

You’re not going to see too many indictments; unless the homeowners, who signed on the dotted line, also get indicted.

It is nothing to with who signed on the dotted line.

IT HAS TO DO WITH WHO OWNS WASHINGTON.

TA DA (*drumroll*) -

The Bankers Own Washington!!!!

Those same investment bankers who KNOWINGLY securitized and sold those bad mortgages, creating weapons of mass financial destruction.

If you don't understand the concept of securitizing bad mortgages, watch this:

Newsmakers with Phil Angelides - C-SPAN Video Library

Count this as the one new thing you've learned today.

[chicagojlo]

Here's the thing I never understand when people are blathering on about the bank bailouts - the banks were required to repay the funds to the government and I think most of them have. It wasn't free money, it was a free loan.

I worked for a bank that was bailed out (by an overseas government) in fact we were less than 24 hours from going out of business when the cash came in. Having one of the world's largest banks suddenly go out of business overnight isn't a scenario anyone should be saying is preferable.

[ColoWeb]

chicagojlo,

Banks started doing better and some could repay the bailout money after Little Timmy (Geithner) decided to use billions of dollars to buy a whole bunch of 'toxic assets' off the banks' books. I believe they put up $500 Billion to start this program; I do not know the total cost of this so far.

Sure, when bank's books no longer have all of the 'toxic assets,' they look great!

[Ariadne22]

All this screaming about bank bailouts is done by people who have no clue what a cataclysm we would have had if nothing had been done. The same people would then be screaming about the pain and suffering and why didn't someone do something to prevent it.

Not liking the bonuses, though. It should be the investment banks paying back not only the bailout money, but all their ill-gotten profits from the trading that caused the collapse in the first place. That behavior was so criminal and has caused so much widespread destruction and heartache, there has to be a special place in h*ll for these guys on the other side.