July 10, 201511 yr I would argue that federal regulations caused the financial meltdown. You would be in a small minority arguing that.
July 10, 201511 yr You would be in a small minority arguing that. Hardly, Barney Frank openly admits that Dodd/Frank was a culprit, mark to market accounting standards, etc. I suppose you think it was the greedy bankers.
July 10, 201511 yr Hardly, Barney Frank openly admits that Dodd/Frank was a culprit, mark to market accounting standards, etc. I suppose you think it was the greedy bankers. The pursuit of profits often leads businesses to take unwise risks.
July 10, 201511 yr The pursuit of profits often leads businesses to take unwise risks. So the feds insisting that banks lower their underwriting standards had nothing to do with it? Of course, then the government through it's sponsored agencies started to compete against the banks, and then when they packaged their mortgages together guess who gave those securities an A+ rating? I'll give you a hint it wasn't those in pursuit of profits.
July 10, 201511 yr Banking is a business to make money... The government forced the banks to make loans financing up to 120% of value with no money down and no proof of income.. The banks knew these loans would never be paid so they bundled them and sold them to whomever would buy them and the government gave these securities the A+ rating basically duping the public into buying them.. So yes, it was the government that caused the housing mess....
July 10, 201511 yr I've seen more revisionist history on BGP the past two days than I saw the previous two years.
July 10, 201511 yr I've seen more revisionist history on BGP the past two days than I saw the previous two years. Find me a bank that will loan 120% with no down and no POI... Bush warned congress on what would happen but they wanted "the American Dream" for everyone regardless of their ability to by for it....
July 10, 201511 yr Find me a bank that will loan 120% with no down and no POI... Bush warned congress on what would happen but they wanted "the American Dream" for everyone regardless of their ability to by for it.... Try again. Bush personally advocated for an increase in home ownership. It was one of his administration's loftier goals.
July 10, 201511 yr Ok...I finally decided to pipe in on this thread: I would vote for Hillary because she was running against Putin.
July 10, 201511 yr I've seen more revisionist history on BGP the past two days than I saw the previous two years. Nothing revisionist about it. These things were written in January of 2009. Why do you think mark to market was removed by FASB in March of 09? Better yet, do you know what mark to market accounting is?
July 10, 201511 yr Ok...I finally decided to pipe in on this thread: I would vote for Hillary because she was running against Putin. Still a toss up for me.
July 10, 201511 yr So the feds insisting that banks lower their underwriting standards had nothing to do with it? Of course, then the government through it's sponsored agencies started to compete against the banks, and then when they packaged their mortgages together guess who gave those securities an A+ rating? I'll give you a hint it wasn't those in pursuit of profits. On the five-year anniversary of the September 2008 meltdown, the Economist looked back at the crash and its causes. "With half a decade’s hindsight, it is clear the crisis had multiple causes. The most obvious is the financiers themselves ... " Crash course | The Economist
July 10, 201511 yr Try again. Bush personally advocated for an increase in home ownership. It was one of his administration's loftier goals. This started during the Clinton administration, not Bush, as restrictions were lowered on the banking industry in the early 90's.
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