Well I found out where the cons got the Clintons fualt for the Wall st mess

[mrcheerful]

from it wasn't Glass/Steagalman but this article in the NY Post.

http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm?page=0

[madrchsod]

1. fucking class warfare

they destroyed the middle and lower middle class by shipping our jobs overseas then inflating the money supply by giving us easy credit which we can`t payback cause they shipped even more jobs overseas... how did that turn out?

it`s a shame these guys will never be brought up on charges for running the biggest ponzi scheme in history.

[An Intellectual]

2. Yeah, let's blame poor minorities for the actions of rich greedy whites.

Note the snarky tone and the now-standard bashing of community activists:

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed "the most flexible underwriting criteria permitted." That lender's $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003.

Who was that virtuous lender? Why - Countrywide, the nation's largest mortgage lender, recently in the headlines as it hurtled toward bankruptcy.

In an earlier newspaper story extolling the virtues of relaxed underwriting standards, Countrywide's chief executive bragged that, to approve minority applications that would otherwise be rejected "lenders have had to stretch the rules a bit." He's not bragging now.

Remember, America, we can always blame minorities for everything! It's never the fault of the free market!

[Obamanaut]

4. "...giving us easy credit which we can't pay back..." Why, oh why

is a person who cannot pay back the loan he or she was given absolved of blame?

And how about the Community Reinvestment Act of 1977, which was later strengthened so that people, who would not have otherwise qualified, were given loans with minuscule to no down payment, poor or no credit history, unverified sources of income, with variable interest rates stretching their current budget only to squash that budget when the higher rate kicked in - all in the name of diversity and letting everyone in on the American dream. How is that working out for us now?

All those congress people at whom we are now venting our spleen - I'll bet you 29 cents that most of them who are up for reelection this November will be returned to their cushy D.C. jobs. Perish the thought they be *term limited* by electing someone else. The incumbents should have their pockets well lined by now, if not them bad luck got 'em and someone else should have a chance for some pocket lining.

[Wilber_Stool]

5. The Community Reinvestment Act of 1977

did not authorize people with low income to get loans they could not afford. It stopped the practice of red lining. Red lining is when a bank draws a line on a map and will not lend anyone on the wrong side of that line anything regardless of their income. People who had deposits at the bank and were qualified for loans could not get them.

[Fuzz]

6. Thank you. The bill DID NOT force the banks to give out loans

that people could not afford. The banks WERE NOT forced to change their underwriting practices.

[Obamanaut]

7. This seemed straightforward

"...Congress enacted the Community Reinvestment Act (CRA) in 1977 after years of grassroots pressure to encourage banks to help meet the credit needs of the communities in which they are chartered. Previously, individuals and businesses in low-income areas were often denied credit because of the perceived high-risk nature of such loans..."

And then it was strengthened, and then there followed modifications via other financial acts which eased the burden on borrowers to show financial merit for loans they could not afford, and then the mortar in the walls loosened, and the bricks started falling, and we have today.

And in November we will keep in office many of the perpetrators of this sham.

And no I did not provide a link. google is your friend

[CitizenPatriot]

3. me thinks they forgot about the

OCC who changed laws re who had authority over lending practices with the flick of their pens and absolutely NO public disclosure. States begged congress (Repub) to hear them make a case against this but the congress turned them down. States saw the problems years ago...early 2000 they are doing everything in their power to stop the insanity.

Bushies cronies in the OCC (Office of Comptroller of Currency) ignored them. Congress ignored them.

Soon after W was appointed president, the jurisdiction of the “OCC” (Office of Comptroller of Currency) and therefore the Banking activities was removed from the consumer friendly House Committee on Commerce and Energy and redirected to the business advocating House Committee on Financial Services. During the past 8 years, perhaps hundreds of state-chartered Banks have been purchased outright by national giants and their license is switched to the OCC. Therefore, State Banking Laws have been ruled in-valid (by who else but the Federal Courts) in policing the nationally chartered banks.

OCC President rubber stamping deregulation like mad.


Gramm was there to assist when he wasn't authoring bills to fuc* us in the a$$.

and here we are.

Oh, yeah -- this is the fault of the poor people.

and for more outrage:

HE MORTGAGE MELTDOWN....From the LA Times this morning:

Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.

"It has the potential to be an epidemic," Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.

You gotta be kidding. Even a guy at the FBI saw this coming? But the rocket scientists at the Fed somehow slept through it anyway? Yeesh.

Still, the conclusion of the story should restore your faith in the federal bureacracy: after writing his memo, Swecker's budget was cut. "Nobody wanted to listen," Sharon Ormsby, the chief of the FBI's financial crimes section, explained. Partly this was because of an increased focus on counterterrorism, but apparently much of it was also because Ashcroft & Co. insisted on shifting resources into the movement hot button areas of illegal immigration and child pornography. Now that's the approach to regulatory and fraud issues we've come to expect from the Bush administration.