The evil Wall Street money grubbers are profiting from the disaster created by the Banksters. It’s a narrative Matt Taibi popularized, and now others are jumping on the bandwagon. The latest diatribe from the left attempts to link their pet cause principal forgiveness to the activities of REO-to-rental hedge funds. As many political screeds are, this one is loaded with emotional pandering and is weak on good reasoning.
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I think the matter of proportionality is vital to any discussion of culpability when it comes to banksters vs buyers during the bubble. And in my opinion, the lenders and the big players who securitized the loans into toxic derivatives are the more EVIL by many a mile.
I'm no fan of the reckless, guileless consumer; but the housing bubble was a trickle-up wealth engine by design. It was a flawless design, too, with taxpayer funded backstops for the architects whose turbo-charged greed caused the inevitable implosion.
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