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Morning Legal Briefs

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22. Re: Morning Legal Briefs Oct 29, 2012, 18:44 Wowbagger_TIP
 
Axis wrote on Oct 29, 2012, 16:59:
Only the die-hard libs won't admit a simple fact (of which you state you aren't):

When you force banks to offer loans to people who cannot pay them back, and the gov't say they'll back them ALL... KABOOM, welcome to America's bust.

Now this was caused by both both parties, but the vast majority of "what caused it" lies in the Gov't guaranteeing bust loans in first place. Read up on it, I did all that years ago.
Oh god... here we go with the "banks were forced to make lousy loans" crap. No, they weren't. Not only that, but the CRA only covered a fairly small percentage of the crappy loans that were made. Most of the stupid loans had nothing at all to do with it. Nor does it explain the fact that they were making as many loans as they possibly could, even foregoing underwriting to speed up the process.

Now you say it was caused by both parties, but you sure weren't saying that before. What lead to the ridiculous loans was the ability to package them into securitizations which they could then insure via credit default swaps, thereby giving the illusion of no downside. Thing like the CFMA of 2000 allowed AIG to essentially print money by selling insurance on these "AAA" securitized mortgages with no requirement for maintaining any sort of reserve that any real insurance company would have. So when the shit hit the fan, AIG couldn't cover even a fraction of the liability they took on, we see that the banks were lying about the "AAA" ratings, and the ratings agencies are worse than useless, and the whole thing comes crumbling down.
 
Avatar 9540
 
"The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts." -- Bertrand Russell (I think...)
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    Date Subject Author
  1. Oct 29, 10:57 Re: Morning Legal Briefs InBlack
  2. Oct 29, 11:42 Re: Morning Legal Briefs Cutter
  3. Oct 29, 11:48  Re: Morning Legal Briefs Axis
  9. Oct 29, 14:15   removed Cutter
  10. Oct 29, 14:45    Re: Morning Legal Briefs Beamer
  4. Oct 29, 11:52 Re: Morning Legal Briefs Creston
  5. Oct 29, 12:17  Re: Morning Legal Briefs Axis
  7. Oct 29, 13:40   Re: Morning Legal Briefs Bodolza
  44. Oct 30, 09:23    Re: Morning Legal Briefs RollinThundr
  46. Oct 30, 11:14     Re: Morning Legal Briefs Wowbagger_TIP
  47. Oct 30, 12:05      Re: Morning Legal Briefs RollinThundr
  48. Oct 30, 12:43       Re: Morning Legal Briefs Wowbagger_TIP
  49. Oct 30, 12:56        Re: Morning Legal Briefs Mr. Tact
  50. Oct 30, 13:13        Re: Morning Legal Briefs RollinThundr
  52. Oct 30, 16:07         Re: Morning Legal Briefs Wowbagger_TIP
  54. Oct 30, 16:24          Re: Morning Legal Briefs RollinThundr
  55. Oct 30, 17:55           Re: Morning Legal Briefs Wowbagger_TIP
  58. Oct 30, 22:04            Re: Morning Legal Briefs Bet
  14. Oct 29, 16:16   removed eDave
  15. Oct 29, 16:25    Re: Morning Legal Briefs Axis
  16. Oct 29, 16:47     Re: Morning Legal Briefs Wowbagger_TIP
  17. Oct 29, 16:59      Re: Morning Legal Briefs Axis
>> 22. Oct 29, 18:44       Re: Morning Legal Briefs Wowbagger_TIP
  24. Oct 29, 19:08        Re: Morning Legal Briefs Prez
  25. Oct 29, 19:46         Re: Morning Legal Briefs Orogogus
  18. Oct 29, 17:00      Re: Morning Legal Briefs Bodolza
  19. Oct 29, 17:15       Re: Morning Legal Briefs Axis
  20. Oct 29, 17:31       removed Cutter
  23. Oct 29, 18:45       Re: Morning Legal Briefs Wowbagger_TIP
  26. Oct 29, 19:52     Re: Morning Legal Briefs Mordecai Walfish
  27. Oct 29, 20:40      Re: Morning Legal Briefs Beamer
  28. Oct 29, 22:24       Re: Morning Legal Briefs Wowbagger_TIP
  31. Oct 29, 22:30        Re: Morning Legal Briefs Beamer
  35. Oct 29, 23:23         Re: Morning Legal Briefs Wowbagger_TIP
  36. Oct 29, 23:55          Re: Morning Legal Briefs Beamer
  37. Oct 30, 00:32           Re: Morning Legal Briefs Wowbagger_TIP
  30. Oct 29, 22:28      Re: Morning Legal Briefs jdreyer
  32. Oct 29, 22:31       Re: Morning Legal Briefs nin
  33. Oct 29, 22:48        Re: Morning Legal Briefs Beamer
  34. Oct 29, 23:09        Re: Morning Legal Briefs Prez
  39. Oct 30, 01:14        Re: Morning Legal Briefs mag
  41. Oct 30, 03:16         Re: Morning Legal Briefs jdreyer
  42. Oct 30, 08:46         Re: Morning Legal Briefs nin
  29. Oct 29, 22:26   Re: Morning Legal Briefs jdreyer
  6. Oct 29, 13:13  Re: Morning Legal Briefs Agent.X7
  8. Oct 29, 14:14 Re: Morning Legal Briefs Mr. Tact
  11. Oct 29, 15:07  Re: Morning Legal Briefs Creston
  12. Oct 29, 15:35   removed Axis
  13. Oct 29, 15:41 Re: Morning Legal Briefs Cutter
  21. Oct 29, 17:41 Re: Morning Legal Briefs NegaDeath
  40. Oct 30, 02:20  Re: Morning Legal Briefs Bet
  38. Oct 30, 00:59 Re: Morning Legal Briefs Mr. Tact
  43. Oct 30, 08:52  Re: Morning Legal Briefs Beamer
  45. Oct 30, 09:39   Re: Morning Legal Briefs Mr. Tact
  51. Oct 30, 15:51    Re: Morning Legal Briefs Beamer
  53. Oct 30, 16:07     Re: Morning Legal Briefs Wowbagger_TIP
  56. Oct 30, 18:35      Re: Morning Legal Briefs Beamer
  57. Oct 30, 18:49       Re: Morning Legal Briefs Wowbagger_TIP
  59. Oct 30, 23:35        Re: Morning Legal Briefs Beamer
  60. Oct 30, 23:56         Re: Morning Legal Briefs Wowbagger_TIP


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