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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (472754)4/17/2009 4:41:22 PM
From: tejek  Read Replies (1) of 1575998
 
Ted, > BTW the CRA was passed in 1977. How come it took over 20 years before it became a problem?

20 years is plenty of time for the original spirit of the act to be lost.

Then it would have been a violation of more than the spirit of the act....it would have been a violation of the law.

Now you're just adlibbing.....I mean how the hell does pressure from a bank VP translate into a politician forcing bad loans down their throat.

I've heard the stories from loan officers. Don't have a link, though. There was tremendous pressure from up top to approve everything. That pressure can be traced to many sources, from CEOs to Wall Street to local politicians to community activists.

What you heard is that loan officers were getting pressure from up above. What you imagined is that some of that pressure was coming from Congress. And I am telling you its not true. I've worked with many loan officers and they would laugh in your face if you suggested they were getting pressure from Congress.

The subprime debacle was purely an example of private industry greed and a lack of oversight by gov't.

Any bubble is the result of private industry greed. Using 20/20 hindsight, you can always claim that government could have prevented it.

I'm still waiting for someone to point to the very regulations that could have prevented this crisis but was cut by the Republicans.

They weren't cut by Rs.....they just weren't enforced. You have a very graphic example with Bernie Madoff......the SEC was warned about Madoff a number of times.....the warnings were ignored. There was a laissez-faire attitude with gov't under Bush. We saw that in New Orleans as well and that attitude allowed the subprime debacle, CDOs and CDSs to flourish.
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