Sallow
The Big Bad Wolf.
Thats' exactly where it all started, and exactly why there will be no prosecution. Fannie and Freddie selling bad mortgages. While it may be noble to get more folks into home ownership, doing it the wrong way causes the shitstorm we're in now. Wonder how much the pols made off of that over the years? THAT is where the problem is, wall street is just a supporting actor.
Also, the next thing the Occupiers will call for is Gov't intervention. Just watch.
Bullshit.
Men like Daniel Sedak were selling "bad" mortgages. And they were doing it for Financial firms like Goldman Sachs. Who were pushing volume so they could package them into securities and take out insurance against their failure from an outfit like AIG.
Quick Loan Funding And Daniel Sadek Emerge As Pirate Swashbucklers Of Subprime Mortgage Reign Of Deceptive Mortgage Lending; CitiGroup Provided Much Of The Support For His Pillaging « MORTGAGE PIRATES
It's amazing this crap is so misunderstood.
Just as you say that no innovation happens without the Gov't behind it, no financials are legally traded without gov't regulations allowing them. The guys on walllstreet just saw a way to make a fuck ton of money in the current system and did so. Greedy yes, legal, some yes some no. But pointing the finger at only wallstreet is what is bullshit.
Well yeah.
This falls into the Greenspan, the market will regulate itself, crapola. SEC was defunded during the Bush administration, and prior to that, Clinton signed into law a repeal of Glass-Steagall.
There was foolishness all around.
But what now? The Anti-regulation crowd are braying about regulations. It's nuts.