Quote:
Originally Posted by wgrr
No bank was ever forced to make any loan they did not want to make. They made those stinker loans to gather hefty fees up front and then bundled the bad loans up, got AAA ratings and sold them to pension funds, teacher retirement funds, etc. The whole time they took out credit default swaps and bet against their own worthless paper.
You are right, this is the responsibility of the US government. Phil Gramm wrote two pieces of legislation that deregulated banks 100% and over turned Glass-Stiegel in the process. The Gramm-Leach-Bliley act and the Commodities futures modernization act. Bill Clinton signed both into law.
Obamas hands have been tied by a do nothing 60% super majority Senate. He has never had both houses because of the Senate filibuster rules that Republicans have used over 200 times to block legislation that came out of the House. A president is not a dictator. To get amnesia about what happened before 2008 seems to be a Republicans favorite past time.
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With the loans... well, the ACLU with prodding from Barney Franks sued several for not giving loans to some that though were entitled to them. If you flip burgers at Burger King, you probably cannot afford a $200,000 home. Franks, and others, didn't care.
Glass-Stiegal must be reinstated. That is the bottom line.
Yes there were problems prior to 2008, or even January 2007, but the current administration has gotten a free-pass on so many things. $4.2 Trillion dollar increase in the deficit under Obama. That is a reality. The lies about Obamacare being "budget neutral". There are so many more examples that are 100% Obama's doing. Yet, if you want to hold him responsible, you are labeled a racist at best by many. If Obama had shown leadership, stewardship, and even common sense, the DNC would not have suffered the horrendous election defeats it did in 2010. I predict 2012 will eclipse them considerably.