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It's the MBS issuers' and investors' fault (for not doing due diligence).
The largest offenders? The GSEs. That's why the Federal Reserve had to create $2 trillion in QE to buy GSE MBS. That artificially pumped $2 trillion into the economy from the tens of thousands of people who haven't made their mortgage payments in 5+ years and will now get to keep their houses without ever paying another dime on their mortgages because the statute of limitations has expired on foreclosure proceedings. All explained in the NY Times article I posted.
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All you are doing is showing how deregulation didn't work by repeating that same line over and over.
What regulation? Ratings agencies were never regulated to begin with, and that's exactly what the SEC document said.
Back to the OP. The popularity of socialism in the US in 2016 is merely a response to the rising inequality that's mostly due to globalization and automation. This is essentially history repeating itself 150 years ago during Industrialization.
Anything we can do to put upwards pressure on wages over there will lesson the pain here. Raising the bottom wages here will lesson the pain her as long as it doesn't increase jobs going over there.
Seems all this round-and-round must be a good time-filler for more than a few people who like this thread, apparently in some sort of effort to distinguish whether government or the private sector is ultimately responsible for the Great Recession. From my point of view, you might as well be trying to argue whether the chicken or the egg is responsible for the other. Not easy in any case.
Perhaps one way is to simply dismiss what the DOJ considers before bringing these sorts of suits, and maybe the issue for some is whether any laws were broken, as determined by law suits settled rather than taken to trial, but are these really the most important considerations or questions to be asking? Funny, isn't it, how many people are disgusted that Obama didn't put any of the financial collapse perpetrators behind bars while others make the argument no laws were broken...
I get a little too dizzy going around in pointless circles, but the thought did come to mind whether IC might read books or watch movies when not commenting in these threads. If so, I highly recommend the book and/or movie "The Big Short."
May not change opinion any, but as to a fascinating true story about who did what as we headed toward financial collapse, anyone who reads this book and/or who sees this excellent movie will have their perspective about all this well expanded, maybe even to include who/what deserves more blame or credit for the entire mess.
Otherwise, sure seems as if what has been concluded in these regards by way of this thread is about as clear as what lesson we are getting about "Socialism for the uninformed" (the title of this thread BTW).
The SEC's report page numbers don't match the pdf file page numbers. That's going to confuse liberals because they simply lack the critical thinking skills required to discern the difference between pdf file page numbers and the actual document's page numbers.
I'll give you the SEC's document page numbers, though: 17 and 18
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"There is no requirement that a rating agency verify the information contained in RMBS loan portfolios presented to it for rating. Additionally, rating agencies are not required to insist that issuers perform due diligence, and they are not required to obtain reports concerning the level of due diligence performed by issuers.
...The [SEC] Staff notes that each rating agency publicly disclosed that it did not engage in any due diligence or otherwise seek to verify the accuracy or quality of the loan data underlying the RMBS pools they rated during the review period. Each rating agency’s “Code of Conduct†(available on each rating agency’s website) clearly stated that it was under no obligation to perform, and did not perform, due diligence. Each also noted that the assignment of a rating is not a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating."
This is a pretty disgusting argument. What it does is defend the government's creation of inflation to help Wall Street while arguing that those who fall behind should just shut up and accept it.
The creation of inflation is a huge socialist program.
This is a pretty disgusting argument. What it does is defend the government's creation of inflation to help Wall Street while arguing that those who fall behind should just shut up and accept it.
The creation of inflation is a huge socialist program.
I say they should start breaking things.
No, what it tries to do is educate liberals regarding the disastrous unintended consequences of their short-sighted ideology. Of course, that is impossible, given the repeated failures of their own leftist policies haven't already accomplished that task.
Inflation is a product of leftist statism, and the creation of "money" out of thin air to pay for all of the socialist programs, without the necessary increase in production to justify such increases.
The Federal Reserve Act of 1913, set the stage for the financial catastrophe we're struggling with today, along with the 16th Amendment passed in the same year that granted the wholesale theft of the wealth of the American people through ever increasing taxation and out of control government spending and borrowing.
Many believe it is the social programs themselves that are bankrupting us, but the reality is, those programs true purpose was never to aid the common poor, but only to create another excuse and another revenue stream for government to extract greater and greater amounts of wealth from the productive sector (middle class).
And every leftist demand for financial and social justice via government laws to steal more only serves that agenda.
But as silly as it sounds, the left STILL HASNT CAUGHT ON TO THE RUSE. Even as the poor have gotten poorer, the welfare class expanding, their only response is that we just need more of what they insanely believe are sound policies to fix what their policies have created. Sounds crazy, because it IS CRAZY.
No, what it tries to do is educate liberals regarding the disastrous unintended consequences of their short-sighted ideology. Of course, that is impossible, given the repeated failures of their own leftist policies haven't already accomplished that task.
Inflation is a product of leftist statism, and the creation of "money" out of thin air to pay for all of the socialist programs, without the necessary increase in production to justify such increases.
The Federal Reserve Act of 1913, set the stage for the financial catastrophe we're struggling with today, along with the 16th Amendment passed in the same year that granted the wholesale theft of the wealth of the American people through ever increasing taxation and out of control government spending and borrowing.
Many believe it is the social programs themselves that are bankrupting us, but the reality is, those programs true purpose was never to aid the common poor, but only to create another excuse and another revenue stream for government to extract greater and greater amounts of wealth from the productive sector (middle class).
And every leftist demand for financial and social justice via government laws to steal more only serves that agenda.
But as silly as it sounds, the left STILL HASNT CAUGHT ON TO THE RUSE. Even as the poor have gotten poorer, the welfare class expanding, their only response is that we just need more of what they insanely believe are sound policies to fix what their policies have created. Sounds crazy, because it IS CRAZY.
You forgot to explain how liberals are responsible for natural disasters! No doubt you can...
Your response is irrelevant, but would like to see you address the legitimate issues raised.
My comment was intended to address the absurdity of bias to the point of making any serious exchange of opinion even more pointless than usual. I avoid engaging in that sort of rhetoric whether born from the left or the right, but if any of that sort of approach appears like "legitimate issues" to anyone, have at it!
For me anyway, comments like that are either to be called out for being utterly tilted beyond the pale (as I did) or ignored.
That you personally would like to see me personally address legitimate issues raised, you need only review this thread to see how that has gone. What you prefer, it seems more likely to me, is to waste more time repeating yourself and dismissing all that contradicts your thinking.
After all this time, effort and all considered, I think comments like #554 are best you can hope for from me at this point, since I'm not one to enjoy repetition let alone the "beating of a dead horse."
Not to mention my theory about this sort of exchange in general...
My comment was intended to address the absurdity of bias to the point of making any serious exchange of opinion even more pointless than usual. I avoid engaging in that sort of rhetoric whether born from the left or the right, but if any of that sort of approach appears like "legitimate issues" to anyone, have at it!
For me anyway, comments like that are either to be called out for being utterly tilted beyond the pale (as I did) or ignored.
That you personally would like to see me personally address legitimate issues raised, you need only review this thread to see how that has gone. What you prefer, it seems more likely to me, is to waste more time repeating yourself and dismissing all that contradicts your thinking.
After all this time, effort and all considered, I think comments like #554 are best you can hope for from me at this point, since I'm not one to enjoy repetition let alone the "beating of a dead horse."
Not to mention my theory about this sort of exchange in general...
In other words, you can dispute NONE of the following ...
The ratings agencies PUBLICLY DISCLOSED to investors that they:
1) Do not engage in any due diligence or otherwise seek to verify the accuracy or quality of the loan data underlying the MBS pools they rate.
2) Are under no obligation to perform, and do not perform, due diligence.
3) Note that the assignment of a rating is not a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating.
All verified and admitted by the SEC.
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