"Boating All Out" wrote in message
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In article
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"F.O.A.D." wrote in message
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Virtually all the banksters who caused the economic recession of the
Bush Administration were not prosecuted or imprisoned for anything.

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The "banksters" didn't cause the recession. I think it would be
more accurate to call it the "Barney Frank & Co." recession.

Wow. Talk about partisan politics.
I'll remind you that the massive abuse of mortgage
lending "due diligence" requirements occurred when there
was a Republican President, Republican Senate, and
Republican House of Representatives.
Here's Barney Franks' pal in this.
http://www.youtube.com/watch?v=63odt264pR8
Pretty cool when he says "Put your mind to it that first-
time home buyers or low-income home buyers can have just
as nice a house as anybody else."
What a prince of a man.

Funny, this guy says it's primarily the "bankster's"
fault.
http://www.investopedia.com/articles/07/subprime-
blame.asp

I look at it a bit differently. The "banksters" will
steal everything they can. That's evident.
If breaking the law and paying a fine when caught leads
to more profit than NOT breaking the law - they will
break the law.
It's the American Way.
Only prison time will prevent that.

It's always been the "bankster's" responsibility to make
only sound loans. That's his fiduciary duty.
He failed. Miserably. But fiduciary duty to others means
nothing if you can violate it and escape prison of other
big hurt. Banksters also have a fiduciary duty to enrich
themselves as much as possible, while avoiding prison.
It's the American Way.

Since it's a well-founded principle that banksters will
steal other people's money if not sent to prison for
doing it, one other thing is obvious.
The lawmakers and banking/mortgage regulators failed.

Every single one of them that didn't write a bill to
prevent it from happening, or in the case of regulators,
allow it to happen without raising holy hell.

They should have all been tossed out when the **** hit
the fan.
But nearly all of the lawmakers and regulators are
millionaires, so they followed the fiduciary duty to
themselves.
It's the American Way.
Millionaires write the laws. They run the country.
What party label they attach to themselves means nothing
if their primary goal is to attain more wealth.
Follow the money.
It sure as hell didn't go to the middle class or poor
people.

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My complaint about Barney Frank is based on him being the prime
advocate to establish quotas for mortgages obtained through Fannie Mae
and Freddie Mac. Before 1992 the Fair Housing Act only required them
to approve loans that institutional mortgage lenders would make, i.e.
qualified applicants who met the down payment, work history and
income levels to qualify for the amount of the loan.

The 1992 amendment successfully lobbied for by Frank established a
quota system whereby 30 percent of the loans *must* be made to those
who were at or below the medium income level in the community. This
quota was raised to 50 percent at the end of Clinton's administration
and raised again to 55 percent during the Bush administration in 2007.
The result was the creation of so called "sub-prime" loans and the
eventual collapse of the housing market and home values.

This is what caused the recession.