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Judge denies Democrat Party and Obama's motion to dismiss
On Oct 7, 8:06*am, Stephen Trapani wrote:
.... A tiny bit of research about the banking crisis reveals that it was not the free market that caused it, it was *over* regulation (primarily fannie and freddie) which compelled banks to provide mortgages to people who did not qualify. When the housing market slumped millions of these people defaulted because there mortgages were worth more than their property. ... A tiny bit more research will show any honest person that neither the numbers nor the history work for the thesis that F&F are the primary causes of the crisis. F&F aren't blameless but dollarwise they are about 10% of the problem at the housing level despite holding about half of all housing loans and the 600 billion (give or take) Alt-A/sub- prime market has been leveraged into a 60 ish trillion dollar problem with CDO, CDO', CDO'' and CDS's. The collateralized debt obligations and their square and cube derivatives and the credit default swaps were all traded in a unregulated market. (still would be if the market hadn't evaporated). For the anti-gov't folks a more defensible argument is that the problem was cause by the Fed juicing the economy for the last eight years. But, the issues run deeper than just that, too. --Tom. |
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