I used to say Obama caused the economic collapse simply because he was the nominee

[Mr. Shaman]

I used to say Obama caused the economic collapse simply because he was the nominee

You're not the only "conservative" who committed that fuck-up.​

October 25, 2012

The $1 Billion Bank Suit​

"While the subprime bubble was still growing, Countrywide could easily sell low-quality loans into the voracious private market for bonds backed by mortgages. Once that market went away, Countrywide created the Hustle to ramp up its origination of prime loans that could be sold to Fannie Mae and Freddie Mac. The suit charges that Bank of America kept the Hustle going through 2009.

The beginning of the housing bust saw other questionable activity. In 2007, Wall Street banks let Magnetar and John Paulson stuff crummy loans into collateralized debt obligations (CDOs) so the hedge funds could later sell them short. And banks started selling dubious debt to each other to keep sales rolling.

Several of those 2007 deals have already cost Wall Street banks dearly, including a $285 million settlement by Citigroup, a $153.6 million settlement by JPMorgan Chase, and a $550 million settlement by Goldman Sachs. (The banks neither admitted nor denied wrongdoing.) Depending on where this new $1 billion suit goes, the Hustle may be one more example that some of the most costly actions came during the twilight of the boom, when desperation kicked in."

​

 

[g5000]

Now I say he will cause its resurrection simply by exiting the Whitehouse.

Yeah, yeah I know it sounds simplistic but look at the data. Everything tanked directly after he won the nomination.

This is a textbook example of what scientists mean when they say "correlation does not imply causation".


It couldn't have been all those toxic derivatives that had been traded around the planet for years and years.

No, it was OBAMA that crashed Iceland, and Ireland, and England, and Spain, and Greece, and Italy, and the US.



"Right after I farted, there was an earthquake. Therefore, my fart caused the earthquake. Look at the data!"


.

 

[Misty]

Having Obama on the ticket gave people an excuse to let go off guilt they weren't thinking of the economy. But now they are, cuz the economy sucks.

 

[Mr. Peepers]

A recession that started in December of 2007 was caused by Obama's decision to run for office?

Lol.

Actually, I think the foreclosures really started heating up in 2006.

 

[Mr. Shaman]

A recession that started in December of 2007 was caused by Obama's decision to run for office?

Lol.

Actually, I think the foreclosures really started heating up in 2006.

That info.....

....is AVAILABLE!