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Originally Posted by Guest
Try to find a single credible PHD in Finance or Economics who believes what you are trying to state here . You will not find a single one because the facts are that the " seeds " for the huge real estate collapse came directly out of Regulations put into place and heavily enforced by the Clinton Administration .
You know it is one thing to be a strong advocate for a political leaning but it is quite something else to blindly paint every situation with the same worn out brush and very weak " white-wash ".
You are doing a huge dis-service to any credibility you may have had the more you continue your ranting .
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What a coincidence,
You talk about 'blind loyalty' and "credibility"... yet continue to try and blame it all on Clinton?
Really?
Apparently you don't understand how home loans work.
When they are made, they are sold almost immediately to investors so that the lending institution can free up that capital for more loans.
Had the
ratings agencies not blatantly lied (not disclosing the amount of 'sub-prime' loans) in regards to the 'packages' of loans they were peddling on the market...the loans to sub-prime borrowers would have
dried up immediately.
Hence, no more sub-prime loans.
Hence, no housing crash.
Instead, they invented derivatives/CDO's to bundle and camouflage what was really a bad investment....to those buying those loans on the secondary market.
Credit Rating Agencies Triggered Financial Crisis, U.S. Congressional Report Finds
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WASHINGTON (Reuters) - Moody’s Corp and Standard and Poor’s triggered the worst financial crisis in decades when they were forced to downgrade the inflated ratings they slapped on complex mortgage-backed securities, a U.S. congressional report concluded on Wednesday.
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I've said it before, but the biggest failure in Obama's administration was not putting the people at the ratings agencies in jail for a very long time.
But hey, go ahead and 'blindly' blame Clinton...it just shows how biased and clueless you really are.
CNM