Tue, 24 Apr 2012, 10:40am PDT
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.
Wed, 25 Apr 2012, 12:00am PDT
"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":