When you can display some independent thought, when you can indicate some specific knowledge of what happened within the context of my questions, let me know.That's about a 6 page homework assignment. Sorry, I don't do homework assigned by leftwingers.Yeah, I didn't think so.Thomas Sowell on the root causes of the mortgage lending crisisThe Trumpsters have been conned into believing the Meltdown was just about having to write mortgages. That's it. That's all. That's the whole story.
We don't need financial regulation! It's all the Dems' fault! It was the damn CRA! Barney Frank! It was HIM!
Let's see if anyone can answer these 12 specific questions, one by one, no deflection:
Looking forward to it. EDUCATE ME. I've posted these questions many times, no luck so far. I'm not surprised.
- How did the CRA force the banks to create shitty, opaque CMOs and the even more hideous CDOs that didn't even fully INCLUDE shit mortgages?
- How did the CRA force mortgage companies to SELL OFF those shit mortgages to the banks to be put in those CMO's, often by the very next day?
- How did the CRA force the ratings agencies to slap AAA (TREASURY-level) ratings on those shit securities, making them highly attractive to buy?
- How did the CRA force mortgage companies to write no-doc loans with insane balloons, knowing they'd be sold off in 12 hours into a shit CMO at NO risk?
- How did the CRA force the banks to threaten the ratings agencies with lost business if they didn't give them AAA ratings on shit securities?
- How did the CRA force Alan Greenspan to REFUSE to regulate derivatives while CFTC Chairwoman Brooksley Borns was BEGGING him to?
- How did the CRA force Greenspan to admit to CONGRESS after the Meltdown happened that he BLEW it, that markets had FAILED to regulate themselves?
- How did the CRA force the banks to drop their standards to the ground when they needed more shit CMO's and CDO's to SELL OFF for huge fees?
- How did the CRA force the banks to SHORT the VERY SAME shit securities they were selling to their CLIENTS, WHILE the whole fucking THING was COLLAPSING?
- How did the CRA force GS & John Paulson to create shit CMO's that were SPECIFICALLY EXPECTED to FAIL so they could buy swaps on them, making Paulson $2 BILLION?
- How did the CRA force banks to spin off companies that sold insane synthetic CDOs that had NOTHING to do with mortgages, but FLOODED them with fees & leverage?
- How did the CRA force AIG to write zillions in credit default swaps with ZERO fucking reserves - REQUIRED for ANY OTHER insurance product - to back them up?
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Don't you have any curiosity left? Has your ideology stolen ALL of it from you?
Anyone else want to try?
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Obviously you didn't read the link I posted or you would have your answers.
Right now, all you can do is link to something within your tiny worldview and avoid my specific questions.
My standards are significantly higher.
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