A Six-Point Plan to Restore Economic Growth and Prosperity

[Toddsterpatriot]

2008 United Kingdom bank rescue package - Wikipedia the free encyclopedia

2009 United Kingdom bank rescue package - Wikipedia the free encyclopedia

2008 09 Belgian financial crisis - Wikipedia the free encyclopedia

2008 11 Icelandic financial crisis - Wikipedia the free encyclopedia

2008 15 Spanish financial crisis - Wikipedia the free encyclopedia

Post-2008 Irish banking crisis - Wikipedia the free encyclopedia

THE FAILURE OF THE ROYAL BANK OF SCOTLAND STRATEGY AND RISK APPETITE Manigent

http://www.informationclearinghouse.info/article37475.htm

The Failure of Northern Rock - A Multidimensional Case Study

Lots of bad mortgages world-wide, weren't there?

 

[Toddsterpatriot]

Why not listen to Barney??

Okay. Let's do that. It gives me pleasure to destroy your bogus conclusions constructed from an out of context not even complete sentence from him.

FRANK: It was irresponsible lending, primarily by the private sector and primarily by non-banks. You know, the banks have a right to complain. What happened was this: 30 years ago, if you took out a mortgage, you basically took it out from a bank, which had money that came from depositors, and there was deposit insurance, and it was regulated. And then new sources of liquidity came up in the world, where you could get money to be in the lending business from depositors, which meant you didn't necessarily have to be getting deposit insurance, or you weren't regulated. Secondly, information technology made possible securitization, which meant, one, that the loans were being originated by institutions that were not regulated, and two, that these institutions then packaged the loans, sold them, and had no financial responsibility that they weren't paid back. It's called securitization, and that's basically what happened. This effort to blame the government is nonsensical.

Some of them try to blame the Community Reinvestment Act. Every regulator under both Bushes has said it was not the case, and even three of the four members of the financial inquiry commission, who were appointed by the Republicans, said it wasn't the case. The only one who argues that is this real extremist called Peter Wallison, and it just flies in the teeth of all the evidence. The Community Reinvestment Act didn't do it.

You said Fannie Mae and Freddie Mac did have a role in pushing this along. How heavily do you think they contributed?

FRANK: It's hard to quantify. They were not the major factor. Let's put it this way: I think you would have had a crisis without them.

and two, that these institutions then packaged the loans, sold them,

Yes, bad bonds, like these, caused the crash. Not derivatives.

 

[Toddsterpatriot]

I don't trust people with any plan that includes a new tax, no matter what the accompanying promise.

Why??? The top 1% are getting away with murder in our tax system and we should close the loop holes on them. People like you have not the slightest clue on what you're talking about.

What is so wrong with a small tax increase?

The top 1% are getting away with murder in our tax system and we should close the loop holes on them.

What loopholes? Be specific?

What is so wrong with a small tax increase?

What's so wrong with a small spending cut?