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The Brass Standard

AussieCodger Wrote: Sep 13, 2012 5:42 PM
Words cut off my original post............. Thus a person with no job or low paying job, or a person wanting to buy a run down UNSELLABLE house in that area could not be refused a loan. This flew in the face of all rules of prudent lending going back for over 400 years. The banks fought the thing in the Courts and LOST! So they made the loans and on sold the mortgage loan to a "greater fool". Thus was born the terms "JUNK LOAN' and "SUB PRIME". The rest is history!

Politics takes a lot of brass. And Bill Clinton is a master politician. His rousing speech at the Democrats' convention told the delegates that Republicans "want to go back to the same old policies that got us into trouble in the first place."

That is world class brass. Bill Clinton's own administration, more than any other, promoted an unsustainable housing boom, which eventually and inevitably led to a housing bust that brought down the whole American economy.

Behind all the complex financial processes that reached to Wall Street and beyond, there is one fundamental fact: many people stopped making...