Friday, September 2, 2011
Dont Even Know Where To Start
Just read an article from Reuters today saying that the Federal Government is going to sue Big Banks because they packaged bad, high risk mortgages in with truly solid investments and sold them as securities. This is the part where I'm so full of beligerant rants that I don't know where to start. Sure, we bailed the banks out, which I was not a big fan of by the way, there are bankruptcy laws in this country for a reason. With that being said, this particular piece of writing happned to leave out pretty much all the details of how the banks ended up with these subprime mortagages in the first place. This practice actually started with Carter, Clinton dabbled a bit, and then the Democratic Congress's that we have had running the show from time to time, used the Community Reinvestment Act to put pressure on lenders to lend to unworthy barrowers. This makes people like Barney Frank and Christopher Dodd look real good to their poverty-stricken constituents, leading to more votes. Banks were forced by auditors from the Fed to meet certain percentages and quotas in order to maintain ratings and percentage points that would make it favorable to the banks. If they were not "compliant" bad things happened like lesser ratings, which impacted the banks ability to do business, and dont forget ACRN. ACRN (Obama's employer before he ran for the Senate) was busy "protesting" banks and bank presidents for being "racist" among other things. Who could forget about the 14 year old boy who locked himself in a bathroom for hours on end because about 150 ACRN protestors were on his front lawn while his banking father was not home... oh, wait, none of you probably ever heard about that, my bad. Before I turn this into novel, the best analogy I have for ya goes like this... I walk into a bar, resturant (you can pick the public place when you tell the story) and pick a random person. I approach this person, and without warning, full on punch them square in the face, breaking their nose and knocking out a tooth. And now the punchline (no pun intended), I sue him for his face getting in the way of my fist... gotta love it!