whatever you say
the cause was Congress messing with things it should not and is not allowed to under the US Constitution
Suppose you saw a building on fire. Would you seek counsel from the arsonist who set it ablaze for advice on how to put it out? You say, "Williams, you'd have to be a lunatic to do that!" But that's precisely what we've done: turned to the people who created our fiscal crisis to fix it. I have never read a better account of our doing just that than in John A. Allison's new book, "The Financial Crisis and the Free Market Cure."
Allison is the former CEO of Branch Banking and Trust, the nation's 10th largest bank. He assembles...
Not only did Congress ALLOW it, they mandated it! Reread the article.
Banks must expand to be competitive and stay in business. Those banks not willing to lend to low-income individuals were denied by the government what they needed to expand. The only banks allowed to grow were the ones making the subprime loans. Banks had to play by the fed. government rules or go under.
Aren't you just saying what Walter Williams is saying?
That's a clarifying question, if I ever heard one. Yes, it does sound like something put together by politicians. If banks hadn't had some way of getting out from under the bad loans they were forced to make, there would have been push-back which might have caused Problems for the politicians.
The solution is the same as for food: If you sell something, you must list the ingredients! Which exactly mortgages are part of this security, and what are their ratings? If there are bad ingredients undisclosed, void the transaction!
we are in UNCONSTITUTIONAL ground skippy
you blame the bankers, for looking out for themselves
i blame the politicians that TOOK AN FING OATH