On 1/17/2010 9:48 PM, paul stenquist wrote:
On Jan 17, 2010, at 9:26 PM, William Robb wrote:
----- Original Message ----- From: "paul stenquist"
Subject: Re: Moved: denial vs doom (was urbanites vs squirrels)
Over-regulation has hurt more people and destroyed more economies than any
natural phenomena.
As we found out quite recently, under-regulation can do the same thing in a
fairly major way.
Those in favor of more government would have us believe that under-regulation
caused the meltdown. But it was actually more a matter of government pressure
to make bad loans. That mistake was the result of a well-intentioned effort to
make sure that everyone had a home of their own. Mortgages for all. Credit
ratings be damned. Yes, the banks went along with it, and compounded the error
by packaging the loans and reselling them, but congressional pressure was the
motivator.
Paul
Apparently the banks were misled too, the majority of Bad Loans were
from Fanny and Freddy, who sold them to commercial banks, who were
assured of the soundness of said loans, by officials of Fanny and
Freddy. The bankers may have suspected but hell they were going to
resell them anyway...
William Robb
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