Neubarth
At the Ballpark July 30th
you dont think regulators knew about AIG too?
You are probably right, the regulators probably knew. I was just kind of parroting what I heard on MSNBC.
From what I have pieced together all the banks were operating under the assumption that all these toxic assets were going to be backed by the Government. This shadow backing was created by the Clinton administration when they allowed banks to create & sell bad loans to Fannie, Freddie & other government backed institutions like pension funds. This turned the entire banking system into a Government Sponsored Enterprise. This was all done to create affirmative action lending in order to not deny credit to anyone. Clinton moved his office to Harlem believing this would rebuild the inner cities & make him like a god to them.
Wow, Now we have Government Sponsored Health Insurance. I can see the writing on the wall now.
Socialism rewards a few very rich & poor at GREAT EXPENSE to many slaves & this quasi Government Sponsored Enterprise system is even worse. Man we are stupid, stupid, stupid.
Read up on the Savings and Loan crisis and you will know why the banks expected Government intervention on their side. I personally favor execution of the corrupt bank officers who brought us this mess. Attacking the FED as if they authorized this corruption is wrong. Congress deserves the blame for the corruption that was allowed to run rampant in the finance industry. There is no excuse for relaxing the oversight of banking, knowing their horrible track record for abusing rules and regulations to make a quick profit.
Blaming the Clinton administration is wrong. most of the gross violations occurred in the time period of the period of 2002-2007. At the time I told my wife that when you see all of these minorities getting preapproved loans, you know that there if no oversight of banking, just like there was no oversight of the Savings and Loans in the 1970's.
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