Tuesday, May 17, 2011


Submitted by: Donald Hank
Now, in the wake of the banking and economic crisis, the libs are saying the "free market isn't working." That means they think the government should be controlling the banks and maybe other businesses.
The problem is: government and banks were behaving like criminals and their accomplices in this banking crisis.
So the "progressives" want the corrupt government to regulate the corrupt bankers?
New regs may or may not be appropriate (for ex, we might require banks to stop securitizing mortgages. People would feel safer if that happened). But the bankers who defrauded their clients (the buyers of the tainted derivatives containing smelly mortgages) were pretty sure they could get away with this because government was in their pocket.
The public is changing its attitude toward these bankers and may no longer elect politicians who give them a pass.
At any rate, the author of this article thinks some cuffs may be applied once the investigations are completed.
That's good news (though a bit late) for America.
Don Hank

Mr. Schneiderman will hold meetings with executives of several major banks, including Bank of America Corp., Morgan Stanley and Goldman Sachs, according to people familiar with the investigation. He intends to discuss securitization of mortgage loans and other mortgage practices and has requested related documents from the firms, these people said. The meetings over securitization are expected to happen in the coming week.
Oh come on, there’s nothing wrong that happened here.  I mean, it’s not like a former executive of one of the big banks testified that by 2007 80% of the loans they were making didn’t meet quality standards but they sold them anyway, right?
“In mid-2006, I discovered that over 60 percent of these mortgages purchased and sold were defective,” Bowen testified on April 7 before the Financial Crisis Inquiry Commission created by Congress. “Defective mortgages increased during 2007 to over 80 percent of production.”
Oh wait…. one of them did….

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