USA 2020 Elections: Thread

[jamesd at echeque.com]

On 2020-10-25 13:29, Punk-BatSoup-Stasi 2.0 wrote:
> 	https://en.wikipedia.org/wiki/Alan_Greenspan
> 
> 	"The easy-money policies of the Fed during Greenspan's tenure have been suggested by some to be a leading cause of the dotcom bubble, and the subprime mortgage crisis"


This is a rationalization and an excuse.  They want to deny the role of
criminal misconduct in the mortgage crisis.

The easy money policies of Greenspan had nothing to do with it.

The problem was criminal misconduct.  Vast numbers of dud mortgages were
issued, and the regulators lied about it.

The basic problem was that the Nationally Recognized Statistical Rating
Organizations (NRSROs) had long been committing criminal misconduct
without going to jail, and the financial crisis was them committing even
more criminal misconduct and not going to jail for it.

Which made the criminal misconduct by Angelo Mozilo possible.

>From November 2005 to 2007, where I lived and was following the market,
no houses were purchased by white people, and almost all purchases
probably all, were made were made by people with no means to make
mortgages payments.  The vast majority, possibly all of them, were
people with no job, no income, and no assets.