Lets review how the democrats pressured banks to make faulty loans. The RACE CARD weapon.

[Theowl32]

Please watch and pay attention

This is where Mac will attempt to tell us how clinton signing the Community Reinvestment Act had nothing to do with it.

What an asshole.

 

[Timmy]

Oh please . The banks run the show . They had a great time charging fees and trading bum mortgages.

 

[rightwinger]

Yes ...it was all those poor people speculating on inflated real estate prices

 

[Papageorgio]

If the banks did not have to make the loans, the banks would not of had to try to sell off loans they knew would default.

 

[bodecea]

Please watch and pay attention

This is where Mac will attempt to tell us how clinton signing the Community Reinvestment Act had nothing to do with it.

What an asshole.

Ah..the Race Card Card. Never gets old.

 

[Papageorgio]

Oh please . The banks run the show . They had a great time charging fees and trading bum mortgages.

True, they do as we witnessed when Obama bailed them out and never punished them like he said he would.

 

[MarathonMike]

Please watch and pay attention

This is where Mac will attempt to tell us how clinton signing the Community Reinvestment Act had nothing to do with it.

What an asshole.

Root cause, absolutely. Liberals get selective amnesia on Bill Clinton weaponizing the 'Community Reinvestment Act' a.k.a "Minority Burger Flippers Home Loan Program'.

 

[rightwinger]

I remember those days....I would get at least a call a week asking if I wanted to refinance

Doesn’t seem like anyone was forcing them

 

[Mac1958]

If the banks did not have to make the loans, the banks would not of had to try to sell off loans they knew would default.

No.

No one was forced to create or contribute to these crap CMOs and horrific CDOs. Not in any way.

Knowing they didn't have to worry about whether people could actually PAY THEM BACK, the banks had these shit mortgages sold and out the door (at a big profit) in 18 hours and they were plugged into shit securities, MAGICALLY labeled AAA (???) by the ratings agencies, and sold to the public under false pretenses (at a big profit). Then swaps were sold on these shit securities (at a big profit) with ZERO reserve requirements to BACK UP those swaps. Wheeeee! Free money! And the banks were selling AND SHORTING these shit securities (at a big profit) even AFTER the shit was hitting the fan.

And for icing on the cake, just to really rub it in, Goldman Sachs and hedge fund manager John Paulson were creating "securities" that they KNEW would fail and shorted THEM, too. At a big profit ($2B). Hey, why not? This was one big fucking fraudulent RACKET, with different "financial" institutions slicing off nice profits on AAA-RATED (???) SHIT SECURITIES with NO RISK.

None of this was required by any legislation. None of this was mandated by the boogeyman CRA. No one forced any of this. This was criminal greed and a comical lack of regulation. GREENSPAN HIMSELF REFUSED TO REGULATE it, even after CTFC Brooksley Born BEGGED him to.

And Greenspan LATER ADMITTED he BLEW it, and ALSO admitted he DIDN'T UNDERSTAND how these shit securities even fucking WORKED.
.

 

[Mac1958]

I remember those days....I would get at least a call a week asking if I wanted to refinance
Doesn’t seem like anyone was forcing them

Sure, they'd buy your mortgage, sell it into a CMO or CDO, and then buy swaps on them.

Within hours. No risk, big profit, let someone else worry about it. Revolving door for profit.
.

 

[kyzr]

I remember those days....I would get at least a call a week asking if I wanted to refinance
Doesn’t seem like anyone was forcing them

Sure, they'd buy your mortgage, sell it into a CMO or CDO, and then buy swaps on them.

Within hours. No risk, big profit, let someone else worry about it. Revolving door for profit.
.

Just like the movie "Too Big to Fail" described. They were making too much money to worry about the consequences.

 

[Mac1958]

Just like the movie "Too Big to Fail" described. They were making too much money to worry about the consequences.

And it gets worse.

WHAT consequences? They weren't BREAKING ANY REGULATIONS, because NO ONE was willing to REGULATE what was happening.

THAT'S why no one was prosecuted.
.

 

[Mac1958]

Meet Lewis Ranieri.

As a bond executive, Mr. Ranieri was the first to package mortgages into CMO's and sell them to the public. Back in the 80's.

Little did he know what a monster he was creating.
.

 

[kyzr]

Just like the movie "Too Big to Fail" described. They were making too much money to worry about the consequences.

And it gets worse.

WHAT consequences? They weren't BREAKING ANY REGULATIONS, because NO ONE was willing to REGULATE what was happening.

THAT'S why no one was prosecuted.
.

Should they bring back Glass-Steagall? Or are the banks adequately regulated by the "gutted" Dodd-Frank?
No, Dodd-Frank was neither repealed nor gutted. Here’s what really happened
Repeal efforts. Since the passage of Dodd-Frank, many Republicans have called for a partial or total repeal of Dodd-Frank. ... On March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act exempting dozens of U.S. banks from the Dodd–Frank Act's banking regulations.

 

[Mac1958]

Just like the movie "Too Big to Fail" described. They were making too much money to worry about the consequences.

And it gets worse.

WHAT consequences? They weren't BREAKING ANY REGULATIONS, because NO ONE was willing to REGULATE what was happening.

THAT'S why no one was prosecuted.
.

Should they bring back Glass-Steagall? Or are the banks adequately regulated by the "gutted" Dodd-Frank?
No, Dodd-Frank was neither repealed nor gutted. Here’s what really happened
Repeal efforts. Since the passage of Dodd-Frank, many Republicans have called for a partial or total repeal of Dodd-Frank. ... On March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act exempting dozens of U.S. banks from the Dodd–Frank Act's banking regulations.

I'd definitely reinstate Glass Steagall.

Clinton let Summers and Rubin talk him into that stupid decision. That was one of the root causes of this.
.

 

[Mac1958]

Oh, and let's all thank the OP for copying and pasting a Fox News story that predictably and completely avoids all this, as his research and his "proof".

Holy crap.

Alternate reality. Ideological isolation. Mountains of critical facts ignored. Arrogant ignorance. It would be funny if it were not so dangerous.