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Financial Engineering the American Nightmare - 1/29/2010 5:10:24 PM

Brain

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I listened to Kevin Drum�s �Capital City� * read aloud and was appalled at the flagrant examples influence peddling. He takes the story of the crash of 2008 and puts it purely into the world of political lobbying and investing in politicians. I’m now convinced nothing will really change until we rid the world of Senators like Chuck Schumer. Chuck Schumer is on the top of my list. Thankfully, Dodd’s gone and Biden is carefully tucked into a job where he can do no real harm. Please read the article and be prepared to be appalled.
http://motherjones.com/politics/2010/01/wall-street-big-finance-lobbyists

Financial Engineering the American Nightmare

We find that, between 2000 and 2006, the lenders that lobbied most intensively to prevent a tightening of laws and regulations related to mortgage lending also:

originated mortgages with higher loan-to-income ratios,
increased their recourse to securitisation more rapidly than other lenders, and
had faster-growing mortgage-loan portfolios.

These findings suggest that lobbying by financial institutions was a factor contributing to the deterioration in credit quality and contributed to the build-up of risks prior to the crisis.

How does it feel to know that you’re an indentured servant and that all the businesses you work for or do business with are dependent on entirely legal group of thieves and extortionists?

GET YOUR MONEY out of BIG BANKS now. You’re helping to finance your own contract with the devil. They’re throttling democracy and making a huge buck off of it in the process. Try to primary and remove ANY politician who has been heavily financed by FIRE*. Spread this message far and wide

* FIRE (financial institutions and real estate)

http://riverdaughter.wordpress.com/2010/01/28/financial-engineering-the-american-nightmare/

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RE: Financial Engineering the American Nightmare - 1/29/2010 7:30:06 PM

servantforuse

Posts: 6363
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Ask Barney Frank and Christopher Dodd these questions.

(in reply to Brain)

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RE: Financial Engineering the American Nightmare - 1/29/2010 10:43:38 PM

Termyn8or

Posts: 18681
Joined: 11/12/2005
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Duh. I only deposit in the bank what I need to cover checks. I am thinking, even though I have decent credit, to get a prepaid card for like online purchases and such.

T

(in reply to Brain)

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RE: Financial Engineering the American Nightmare - 1/30/2010 7:01:33 AM

subfever