OT - Is the Tide Turning?

[Dan]

While "loan brokers" looking for a commission were definitely one link in the chain, they were not the impetus behind the fraud. Moreover, they most assuredly DO NOT package subprime loans and give them ratings. We've already been over this just in case you forgot.

Fannie Mae and Freddie Mac package loans into securities, and they are the only ones authorized by Congress to do so. That is for a reason, and the reason is not that they're any good at it. It's because certain Congress critters had control over much of the process through their relationship with former Democrat appointees Franklin Raines, Jamie Gorelick, and others. It was a one-hand-washes-the-other relationship. The Congress critters involved received large campaign donations from Fannie and Freddie. Mr Obama was 2nd on the list. Chris Dodd was right at the top. Barney Frank was not far behind. A few Republicans were in there, too. They were being paid to stop squawking about it so they would not draw too much attention. It worked. They should all be in jail right now, awaiting trial on bribery charges.

Fannie and Freddie were being used as a campaign ATM by these Congress critters, who were responsible for the oversight. They were IN CHARGE OF the committees which were primarily responsible for avoiding such fraud, and they were the very ones initiating and coercing it. By the way, they are the very same Congress critters who forced the banks to make the bad loans, otherwise their committees would BLOCK ANY BANKS NOT COOPERATING WITH THE FRAUD FROM OPENING NEW BRANCHES, EXPANDING, OR BUYING SMALLER BANKS.

You either aren't reading my posts, or you are still attempting to explain away the Democrat Party's cupability in all this.

Some "independent" you turned out to be.

[EZRider]

Life is so simple for you, Dan. Blame everything on the congressional Democrats.

As I said, don't try to make a living giving financial advice.

EZ

[Dan]

Deny all you want, but facts are persistent things. Democrats are by no means the only ones to blame in this mess. But they were the ones attempting to turn it into their own personal campaign ATM machine, and they were the ones actively involved in creating the fraud. A few GOP Congress critters simply jumped on the bandwagon as it was lumbering past.

You seem to have a real problem with Wall St types, as if they are all crooks. I'm sure there are some cattle ranchers who are involved with many land swindles, leasing swindles, commodities market price fixing, bad business loans, and all manner of other criminal activity. But I don't rail against ranchers for being crooks. Why do you stereotype all OHV users and all bankers and brokers as being somehow criminals? Do you have something against OHV travel and making money in a free market society?

Moreover, I've tendered several times the explanation, in some detail, as to what caused this mess. You have done nothing but attempt to paint my comments as right-wing political attacks on Democrats alone. Why don't you offer your own explanation?

Perhaps because you don't know what the sam hill you're talking about????

[EZRider]

Greed in the financial services industry is a fact, Dan. Their product is to create pseudo-wealth. Now that their house of cards has collapsed, they are using political power to be bailed out at taxpayer expense.

Too bad, an honest day's work would have benefitted them.

EZ

[Dan]

Greed in the financial services industry is a fact, Dan. Their product is to create pseudo-wealth. Now that their house of cards has collapsed, they are using political power to be bailed out at taxpayer expense.

Too bad, an honest day's work would have benefitted them.

EZ

So, they're all just greedy ba$tard$, hell-bent on robbing the investor and dying rich? Really? And all this time I thought they were a primary reason that markets work and the US investor, despite the downturn of the last 6 months, has enjoyed a standard of living and a return on his/her money that others only dream of. Oh, silly me.

Life insurance companies make it possible for the widow and children of the rancher who falls off his own horse and breaks his neck to pay off the mortgage on the ranch. Registered Wall St brokers make it possible for the average investor to have similar returns to the big boys, when they do their homework. Financial planners make it possible for people to send their own children to college, instead of relying on the state taxpayers to fund it. Ditto with helping average people to fund their own retirement instead of being indigent, reliant on taxpayers, and fully reliant on Social Security, Food Stamps, Medicare, Medicaid/Medi-Cal, and HUD to avoid starving, freezing, or dying of pneumonia.

Sure there is greed among Wall St types. Just as there is greed everywhere else in society. Is this a big surprise to you?

If you don't know much about a topic, I would expect you to have some fear of the unknown. But for a guy who seems as ignorant as you on economic matters, you sure seem to have a lot of strong unfounded opinions about the people who make a living in the financial services industry......or are you simply trying to get under my skin because you think I work in that business?

So, does your irrational hatred of financial services professionals extend to your tax attorney, your accountant, your broker, and your insurance agent?

[EZRider]

Registered Wall St brokers make it possible for the average investor to have similar returns to the big boys, when they do their homework. Financial planners make it possible for people to send their own children to college, instead of relying on the state taxpayers to fund it. Ditto with helping average people to fund their own retirement instead of being indigent, reliant on taxpayers, and fully reliant on Social Security, Food Stamps, Medicare, Medicaid/Medi-Cal, and HUD to avoid starving, freezing, or dying of pneumonia.

So, does your irrational hatred of financial services professionals extend to your tax attorney, your accountant, your broker, and your insurance agent?

No hatred here, Dan, you asked for reality and I gave you an answer. How much of the rosy picture you just painted do you expect to survive this correction?

Self-proclaimed financial "gurus" earned commissions without regard for the quality of their investment advice. Brokers got bonuses even though their companies were going down the tubes.

What you are seeing is a complete erosion of confidence in the financial markets. Don't expect the public to readily renew their trust in banks and brokerage houses.

EZ

[Dan]

Something tells me the confidence level in banks and brokerage firms will be significantly higher than confidence in the current Congress or the current Administration.

I'm confident of that.

[EZRider]

That is your intent in attempting to blame Congress for the fiasco in the financial markets, Dan.

Don't expect the public to take the bait. Banks are getting taxpayer bailouts and funds at zero interest while hitting strapped credit card debtors at interest rates approaching 30%.

That's Greed trying to get a new toehold on the backs of the American public, Dan

EZ

[Dan]

I believe in placing blame where blame is due. You believe in placing credit where blame is due. That's one difference between you and I, EZRider. The Democrat Congress, and their committee chairs OWN this lock, stock, and barrel.

ROTFLMAO. Thanks again, Sal.

[EZRider]

In YOUR mind, Dan.