"Boating All Out" wrote in message
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In article
,
says...

"F.O.A.D." wrote in message
m...


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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BTW, I am sure you are aware that Fannie Mae and Freddie Mac don't
make mortgage loans directly. They buy the mortgages given by
institutional lenders and then sell them as securities in the bond
market, which is supposed to provide the funding for lenders to make
more mortgages. By establishing the quota systems in the 90's so
many bad loans were made that the value of the securities crashed.
Result? Recession.