@larsiu I know what farva is talking about tho. Repealing whatever that was in the late 90s with investment and commercial banks and allowing riskier shit. My memory is too faded and don’t understand enough about it to pin the fallout
Oh I remember. I ended up getting laid off because of it. Worked for Travelers at the time and they got bought by Sandy Weill's Citicorp to become Citigroup. Downhill from there.
So yeah, Dems/Pubs are all greedy bitches when you think about it. Maybe it really is just one large party focused on fucking over poor people.
@larsiu it’s not the presidents job to encourage MBS. I doubt Clinton had an understanding of what effect repealing Glass-Steagal would have on the housing market but that really isn’t the issue.
In terms of ‘08, all of the Wall Street deregulation in the world is moot without cramming down low income mortgages at the ground level. Banks don’t lend to bad debtors, it’s not in their interest to do so, unless there is pressure to do so. And that’s the genesis of the entire crisis.
@larsiu it’s not the presidents job to encourage MBS. I doubt Clinton had an understanding of what effect repealing Glass-Steagal would have on the housing market but that really isn’t the issue.
In terms of ‘08, all of the Wall Street deregulation in the world is moot without cramming down low income mortgages at the ground level. Banks don’t lend to bad debtors, it’s not in their interest to do so, unless there is pressure to do so. And that’s the genesis of the entire crisis.
@jdb help us out. Farva's take here just feels instinctively stupid, but we need someone with better financial knowledge to explain why.
@larsiu it’s not the presidents job to encourage MBS. I doubt Clinton had an understanding of what effect repealing Glass-Steagal would have on the housing market but that really isn’t the issue.
In terms of ‘08, all of the Wall Street deregulation in the world is moot without cramming down low income mortgages at the ground level. Banks don’t lend to bad debtors, it’s not in their interest to do so, unless there is pressure to do so. And that’s the genesis of the entire crisis.
@jdb help us out. Farva's take here just feels instinctively stupid, but we need someone with better financial knowledge to explain why.
I took the same F&A classes jdb did big dog. When I speak on matters financial, imagine it’s him speaking as well.
@larsiu lawyer at my firm bought a house in miami. i can't remember what it was five or six hundred grand as an investment. sold it three years later. the profit on that one house in three years was more than my salary at the firm working those three years
@larsiu it’s not the presidents job to encourage MBS. I doubt Clinton had an understanding of what effect repealing Glass-Steagal would have on the housing market but that really isn’t the issue.
In terms of ‘08, all of the Wall Street deregulation in the world is moot without cramming down low income mortgages at the ground level. Banks don’t lend to bad debtors, it’s not in their interest to do so, unless there is pressure to do so. And that’s the genesis of the entire crisis.
To be fair, hyping subprime mortgages was a GWB thing as well. Like goat said. Blame all around.
@larsiu it’s not the presidents job to encourage MBS. I doubt Clinton had an understanding of what effect repealing Glass-Steagal would have on the housing market but that really isn’t the issue.
In terms of ‘08, all of the Wall Street deregulation in the world is moot without cramming down low income mortgages at the ground level. Banks don’t lend to bad debtors, it’s not in their interest to do so, unless there is pressure to do so. And that’s the genesis of the entire crisis.
That's pretty epic level ignorance of the entire situation. What one would expect from a political hack, definitely not a finance pro.
