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Don’t Blame Houseowners, Government for Housing Bust


By Patrick   Follow   Tue, 24 Apr 2012, 8:26am PDT   661 views   3 comments
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http://blogs.wsj.com/developments/2012/04/20/raines-dont-blame-homeowners-government-for-housing-bust/

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bgamall4   Tue, 24 Apr 2012, 10:40am PDT   Share   Quote   Permalink   Like   Dislike     Comment 1

Yes, hot money from the speculators in the UK and elsewhere were the cause of the housing bubble. That would not have been possible but for the derivatives being exempt from gambling laws and the repeal of Glass-Steagall. Glass-Steagall and other fetters were not part of the laws of the UK. The UK was where liar loans started and then they came to the US. It was a premeditated scam and was planned all the way with bogus risk management assumptions doomed to failure, like the failure to believe houses could implode like in Japan.

It was all a scam, and mostly a private banking shadow banking hedge fund scam. Wake up people.

wbblair3   Wed, 25 Apr 2012, 12:00am PDT   Share   Quote   Permalink   Like   Dislike     Comment 2

"The former chief executive of Fannie Mae, in a rare public appearance Friday, argued that government policies weren’t the main cause of the housing bust, and that the government shouldn’t stop pushing to expand home ownership."

Raines is a clueless idiot, a liar or both.

The first two parts of this Frontline documentary were shown in my area last night. Not bad with the exception of their totally glossing over the tremendous significance of the repeal of Glass-Steagall and their failure to critically examine the claims that the taxpayer rescue of AIG et al was absolutely necessary to prevent the "end of the world":

http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/

bgamall4   Wed, 25 Apr 2012, 12:23am PDT   Share   Quote   Permalink   Like   Dislike     Comment 3

The bailout of AIG was a reaction, a quick reaction. But Geithner should have gotten some clawback from the banks that ended up with the money. I realize that the government makes some profit from AIG but clawbacks from GS and the Euro banks should have been automatic.

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