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Actually, they were "regulated," but not really regulated.
They were regulated, period.
Hardly. Try this feature for details:
House Of Cards The Mortgage Mess - CBS News
Let me just clarify.... I don't want to imply you are saying something that you are not.
FDsys - Browse Code of Federal Regulations Annual Edition
This web site is the Federal Code of Regulations, for the year 2000.
If you scroll down to Title 12, Banks and Banking, you will discover that the regulations come in a 6 Volume set. If you download all 6 volumes, (as I have done), you will discovered over 4,000 pages of regulations on virtually all aspects of banking.
In addition, you will discovered several government bodies created to monitor banks, including Federal Financing Bank, Federal Housing Finance Board, Department of the Treasury which has it's own regulations, FDIC which has it's own regulations, and lastly Comptroller of the Currency which has it's own regulations.
But wait! There's more!
Moving down to Title 17, you'll find a three volume set, containing over 2,400 pages exclusively to regulation on securities.
Then moving to Title 24, you'll find another three volumes, of just under 1500 pages, and while they are not all related to mortgage securities, some are, such as Government National Mortgage Association, Office of Assistant Secretary for Housing, and Office of Housing and Office of Multifamily Housing Assistance Restructuring, each with their own various regulations that must be followed.
And of course, if you wish to claim that the roughly 8,000 pages of regulations that existed back in 2000, regulating and over-seeing every aspect of banks was just far too limited and modest.....
Lawriter - ORC - Title 11 XI FINANCIAL INSTITUTIONS
Let us add in State Level banking regulations as well. Ohio Revised Code, Title 11, contains no less than 80 Chapters regulating banks. That's just Ohio Revised Code. Many states have more regulations than Ohio.
Now.... Allow me to ask again.... Are you saying that the banks and mortgage backed securities were not regulated?
Failure due to deregulation was the conclusion made by the FCIC:
Government policies and the subprime mortgage crisis - Wikipedia the free encyclopedia
Are you telling me..... that you are going to the word of the people who caused the problem... over the facts that already know? Are you saying there were not 8,000 pages of regulations? Because I have already posted direct links to those regulations.
So you can't examine the evidence yourself, but blindly follow what some government agency says? And by the way..... who benefits from this conclusion? Government. See if they came to the conclusion "our policies caused the problem", we would blame government, and people would lose their cushy government agency positions. Can't have that.
Instead let's blame deregulation, and what does that do? Well obviously we need MORE cushy government jobs, MORE lush paid government agencies.
Isn't it funny how when a company says "our product is great", you instantly realize a conflict of interest, but when government says "we need more government", no such ethical question comes to mind? Why do you blindly trust these guys?
I can't find any credible evidence that the problem was lack of regulation. If you have it, share it.
There's nothing in that link that confirms your claim "(t)he sub-prime mortgage backed securities were guaranteed by Freddie Mac...FIRST. Then they were given a AAA rating." Your link is also lacking in details concerning which private rating agency supplied the AAA rating; HOWEVER, your link does provide the reason why First Union choose to participate in the epidemic of mortgage fraud that caused the Great Recession:Yeah, I linked it before. It was in my original post.
First Union Capital Markets Corp. Bear Stearns Co. Price Securities Offering... -- re CHARLOTTE N.C. Oct. 20 PRNewswire --
"First Union has grown its capital markets business substantially over the
last three years. First Union's Capital Markets Group reported 1997 fee income
through Sept. 30 of $531 million, up from $464 million for the full year of
1996 and $265 million in 1995."
First Union Capital Markets Corp. Bear Stearns Co. Price Securities Offering... -- re CHARLOTTE N.C. Oct. 20 PRNewswire --
Obviously, Wall Street parasites could not have looted the US economy of trillions of dollars over the span of the Great Recession without help from government, Why are you unwilling to blame any institution other than government for that looting?
Because I'm not partisan, and I don't have a problem with greedy and envy, causing me to automatically blame everyone who makes more than my income.
That's why. I need real evidence first. Not conclusions first, and then find evidence to fit it.
First off, the banks didn't loot anything. There was no "looting". The banks made a bunch of securities based on expectations of value, created by the government. These sub-prime loans, were only given AAA ratings because government guaranteed them.
How is that looting? I'm Government. You're the bank. "Gorge, make this product, and I'll guarantee it". Do you tell me, the government, no? And risk me suing your butt? Because that's what I just did to the other banks.
No, you are going to do what I tell you to, because I'm government. When it fails, "Gorgy Looted!"? How does that make sense in your world? Explain that to me?
There's nothing in that link that confirms your claim "(t)he sub-prime mortgage backed securities were guaranteed by Freddie Mac...FIRST. Then they were given a AAA rating." Your link is also lacking in details concerning which private rating agency supplied the AAA rating; HOWEVER, your link does provide the reason why First Union choose to participate in the epidemic of mortgage fraud that caused the Great Recession:Yeah, I linked it before. It was in my original post.
First Union Capital Markets Corp. Bear Stearns Co. Price Securities Offering... -- re CHARLOTTE N.C. Oct. 20 PRNewswire --
"First Union has grown its capital markets business substantially over the
last three years. First Union's Capital Markets Group reported 1997 fee income
through Sept. 30 of $531 million, up from $464 million for the full year of
1996 and $265 million in 1995."
First Union Capital Markets Corp. Bear Stearns Co. Price Securities Offering... -- re CHARLOTTE N.C. Oct. 20 PRNewswire --
Obviously, Wall Street parasites could not have looted the US economy of trillions of dollars over the span of the Great Recession without help from government, Why are you unwilling to blame any institution other than government for that looting?
Because I'm not partisan, and I don't have a problem with greedy and envy, causing me to automatically blame everyone who makes more than my income.
That's why. I need real evidence first. Not conclusions first, and then find evidence to fit it.
First off, the banks didn't loot anything. There was no "looting". The banks made a bunch of securities based on expectations of value, created by the government. These sub-prime loans, were only given AAA ratings because government guaranteed them.
How is that looting? I'm Government. You're the bank. "Gorge, make this product, and I'll guarantee it". Do you tell me, the government, no? And risk me suing your butt? Because that's what I just did to the other banks.
No, you are going to do what I tell you to, because I'm government. When it fails, "Gorgy Looted!"? How does that make sense in your world? Explain that to me?
IF Gov't guaranteed them, Banksters wouldn't had lost money. Oops
IF Gov't guaranteed them, Banksters wouldn't had lost money. Oops
dear, govt was so heavily involved in housing through GSE's buying, guaranteeing, financing and rating mortgages and through printing money to always keep prices going up that the Republican free market was non-existent.
Now do you understand?
Your right wing nonsense is noted, and again thrown out the window with the rest of the trash Bubba
Your right wing nonsense is noted, and again thrown out the window with the rest of the trash Bubba
dear, you forgot to say why its trash?? Are you too stupid to know that you must be able to say why? A cut and paste rant on another subject is 100% worthless. You must always change the subject becuase you are too stupid for the subject. In court you have to answer the questions or be held in contempt. Do you understand??
Why did EVERY single GOPer vote for Dubya's ADDI (dream down payment) in 2004 again? lol
Why did EVERY single GOPer vote for Dubya's ADDI (dream down payment) in 2004 again? lol
too stupid!!! Because they were not conservative. See how stupid you are?? You get the same answer 1000 times but trick yourself 1000 times into ignoring it because you are stupid and have no integrity.
So why not ask the same question 2000 times. Maybe by then you'll know the answer??
You mean EVERY one of the republicans refused to follow "Republican market" policy?
You mean EVERY one of the republicans refused to follow "Republican market" policy?
too stupid if everyone voted for a liberal measure than everyone refused to follow conservative market policy. Are still unabale to follow this??
Time for a cut paste with colors on another subject rather than face your liberal ignorance??
Technological revolution displaced low skilled workers. So what else is new? Not only the advancement in technology and subsequent displacement of unskilled work force but the realization that to remain in manufacturing one needed to exit mainland USA or perish.
Technological revolution displaced low skilled workers.
Sure, they ignored regulator warnings AND cheered on the Banksters (in their WORLD WIDE CREDIT BUBBLE, YOU KEEP MISSING THAT PART??? LOL),
can't get more conservative than that Bubba!
How are you calculating those inflation adjustments?4) The average salary after inflation adjustments is double today than it was in 1950.
Average earners haven't kept pace with those gains.
Average earners haven't kept pace with those gains.
Of course thats idiotic. Today average people are lining up in the 10's of millions to buy Iphone toys and 1000's of other great new toys that they don't need..
Why, then, did investment banks conduct many of their government regulated transactions in ways that did not appear on their conventional balance sheet accounting methods, rendering these transactions invisible to government regulators and investors alike?First off, the banks didn't loot anything. There was no "looting". The banks made a bunch of securities based on expectations of value, created by the government. These sub-prime loans, were only given AAA ratings because government guaranteed them.
