Just the Facts, Ma'am: A Compendium of Liberal Fiction Message Board

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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction

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To: TimF who wrote (63996)	2/14/2008 11:59:34 AM
From: tejek	Read Replies (3) of 90947

Its all coming out now......how the Ayn Rand approach to gov't and letting capitalism run free led to the subprime debacle: "On Thursday, the New York Democrat in a CNBC interview laid blame for the subprime crisis and its broader fallout on the Bush Administration. Spitzer recalled that several years ago the U.S. Office of the Comptroller of the Currency went to court and blocked New York efforts to investigate the mortgage activities of national banks. Spitzer argued the OCC did not put a stop to questionable loan marketing practices or uphold higher underwriting standards. "This could have been avoided if the OCC had done its job," Spitzer said in the interview. "The OCC did nothing. The Bush Administration let the housing bubble inflate and now that it's deflating we're dealing with the consequences." reuters.com ""Clearly, we would not be here today if the mortgage brokers and lenders and appraisers had maintained reasonable standards. But we would also not be here today if the relevant regulators had stopped these bad lending practices."" nydailynews.com

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