"Ken Fortenberry" wrote in message
...
The Truth wrote:
Dave LaCourse wrote:
Ken Fortenberry wrote:
We're all going to have to sacrifice but I don't buy into the notion
that this economic catastrophe can be attributed to the citizenry.
That sounds like George Will pontificating from on high and it's just
flat out wrong. This catastrophe was caused by a lack of regulatory
oversight. It wasn't the poor schmuck who bought more home than he
could afford, it was the bankers who called that 'C' rated mortgage
a 'AAA' rated mortgage and the so-called regulators who let them get
away with it that are at the bottom of this pyramid. Take thousands
of such mortgages, bundled them up, sell them as if they're 'AAA' nine
or ten times, leverage them some hundred fold as derivatives and then
stand back and watch Lehman Bros. bite the dust. Don't blame this on
the citizenry.
Exactamundo. And the failure of F and F can be attributed to those
who had oversight on them, namely Barney, Dodd, Obama, et al. I can
still see the clip of Barney in 2006 saying, "There is nothing wrong
with F and F. They are doing well." Horse caca!

Let's get this straight: the USA has officially been in recession since
December of 2007. At that point, the Democrats had been in control for
less
than a year. Otoh, the Republicans had been in control since 1994 - over
12
years at the helm, before they were kicked to the curb by popular revolt.

Only a complete moron would stick with the bull**** line that the
trillions of
dollars of dubious loans - personal and commercial - that have sunk the
banking system (estimates run as high as 16 trillion dollars of "toxic
debt")
was rung up in less than a year.

And only a complete moron would claim that Freddie and Fannie were
more than a drop in the whole toxic bucket. But there's no use trying
to explain reality to Louie because reality has a liberal bias. ;-)

--
Ken Fortenberry

F&F were a whole lot more than a drop in the bucket. They are main reason
that banks took on Alt-a / liar loans. They did not have to worry about
the real credit risk of the borrower after F&F said they would buy all these
crap loans.