Movie the big short

[initforme]

Saw it last night. Sad reflection on what happens when huge money is involved. People wagering and knowing the housing market is going to collapse. Nobody held accountable. Meanwhile the blame is passed onto the poor and struggling workers. I now think of my country in a lower light. Truth hurts. See it.

 

[whitehall]

Democrats put the booby trap into the system when they decided, early in Clinton's term, that everyone should be able to enjoy the American dream of owning a house even if they were unable to pay the mortgage. Democrat operatives fixed it so that bad mortgages would be bundled with good mortgages and sold to mortgage brokers as good mortgages. If banks and lenders complained they were threatened with civil rights litigation. The scheme, worthy of organized crime complete with no show jobs, worked for more than a decade. Democrats gained control of both houses of congress during Bush's 2nd term and Barney Frank became the chairperson of the "house banking committee" which had oversight responsibility for Fannie Mae. Frank told Americans that Fannie was solvent and stable while it was on the verge of collapse. The question is whether Frank was just an incompetent boob or if he planned the collapse and sold the information to his democrat party operatives or it was the biggest October surprise in history.

 

[initforme]

Interesting story no doubt. The free market surely worked for those who were privy to this. Our free market system surely works great for a handful when it isn't watched and regulated. Somehow the little guy takes the blame