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February 12, 2010

Comments

CrisisMaven

Look, while you're right in critising Henkel, because he's referring to the smaller part of financial improbity, lending money to people who can't afford the payments was stil a criminal act and it was committed by the do-gooders. In that vein, Clinton and Obama, biggest recipient from Fanie Mae and Freddie Mac ought to go to jail for ruining black househiolds, wouldn't you agree? Was this premeditated to drive the blacks away from suburbia and reintroduce segregation through the backdoor? It makes me wonder. And the CDS and CDOs etc. or at least a substantial part of those rode on the back of that wave of unsustainable lending! And who allowed the FHA, Fannie and Freddie etc. under the very nose of regulators underwrite mortgages that were unaffordable from the start (http://crisismaven.wordpress.com/2010/01/28/bloom-of-doom-ii-of-mortgage-brokers-arms-attrition-and-marathons/)? And who didn't understand that this now means the US technically is as insolvent as Greece and less creditworthy than most Third World Countries (http://crisismaven.wordpress.com/2010/02/08/bloom-of-doom-v-we-have-control-of-the-ship-we-have-a-plan/)? Defenders of the Union, probably?

David

You're entitled to your opinion but not to making up facts. Do you really think that several $billion lent to black households caused a $5 trillion global meltdown? That is just tea-bagger nonsense!

BTW, 84% of all subprime loans were made by private lenders who had nothing to do with liberal "do-gooders". Rather, they were driven by greed and easy profits.

Between 2004 and 2006 (note: during the Bush administration) when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

bankruptcy attorney Chicago

After the painful early years of transition, economic growth took off, trade flourished, and stable institutions took root. What is most important: integration has improved the quality of people’s lives.

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Ender Berett

Even if this was true, which I don't believe it is, on the bright side it helped out many a bankruptcy attorney in chicago, and everywhere, for that matter. It is not an overall good thing, but these kinds of crisis's are what shapes the future of the economy. It is not always a bad thing to lose money.

michijo

My understanding is that the banks were giving predatory loans to often Mexican immigrants, and that due to their racist loan practices and deregulation, it created a housing bubble. Blacks, on the other hand, figured highly in these same loans, but statistically, Latinos were the highest number of people to receive these loans.

michijo

These article shows how it was actually the Democrats and Republicans TOGETHER that removed the Glass-Steagall Act of 1933:

http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml

michijo

Both the Dems and Reps are both fascists. The difference is that the Republicans have told me to leave the USA, whereas the Democrats have told me Im not allowed to leave the USA. Frankly, this not being allowed to leave is far more frightening than the blow-hard republicans and their totalitarian bent.

ChristianIamРбт����

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