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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (472681)	4/17/2009 11:36:38 AM
From: Tenchusatsu	Read Replies (2) of 1575690

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. > 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. > 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. Tenchusatsu

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