Quote:
Originally Posted by Danzig
yet another reason why i say that both parties suck. both were involved in getting rid of glass/steagall, there's a reason rules were in place to keep banks from crossing the lines they've since crossed.
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Greenspan and Rubin are largely responsible for getting rid of glass/steagall under Clinton. Just wanted to give credit where credit is due.
The government's (Barney Frank/Maxine Waters in particular) belief everyone should own a home and not just bailing out but backing Freddie and Fannie coupled with mortgages featuring 'no money down, money back at signing' or 'refinance now for 125% of your home's value' the bubble was blown up to the point it had no where to go but burst.
The mortgages Citibank put together that caused the fine should have put numerous people in jail for lengthy sentences. Martha Stewart goes away for under a 100K and these people did 100s and 100s of millions?
Then when you have a President, campaigning for a second term, going out to colleges and instead of offering a chicken dinner and ride to the polls is simply handing/throwing out the 'peoples' money and forgiving debts owed to the 'people' saying I need your vote, we're screwed twice.