thornhappy -> RE: Why is the Democratic Party worried? (4/11/2010 9:10:39 AM)
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Check out Magnetar; they accounted for $40 billion of losses all by their lonesomes. It was covered on This American Life this weekend, you can hear a free MP3 this evening. "Bush & the Fed actually pushed Fannie and Freddie to raise more capital, guarantee bigger mortgages, and expand their portfolios in 2008."(Busted, Edmund L. Andrews) Bush actually developed a no-money-down program, government sponsored program (American Dream Downpayment Fund). The vast amount of bad loans were done by private companies, and the CDOs were made, bought, and sold by large banks and hedge funds. And as noted in the Magnetar article, it was all legal. There was practically no oversight by the SEC, regulation was relaxed over decades, and many of these idiots didn't understand their own products. This American Life's done some great coverage on the mortgage meltdown, and it's nowhere near as simple as Frank, Sallie Mae, etc. quote:
ORIGINAL: Sanity Okay, this is good for a laugh. You can't address anything that I wrote so you resort to this petty personal attack accusing me of doing what you are doing. Read what you write - you demanded I watch your indoctrination video rather than writing out your own thoughts, and then accuse me of "regurgitating" far right talking points after I took time out of my busy day to watch a significant portion of your little propaganda festival and write out my personal critique of it. You're making no sense, and you still haven't addressed the major point I raised - where do you think the evil subprime securities originated? quote:
ORIGINAL: brainiacsub No, I thought you were smart enough to judge the material on its merits. Looks like I was wrong. You can either choose to educate yourself as to the real causes of the financial collapse, or you can keep listening to the right-wing partisan sound bites, regurgitate them here, and then wonder why no one takes you seriously...up to you.
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