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Politics : President Barack Obama
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To: John Vosilla who wrote (145735)9/11/2014 12:41:05 PM
From: tejek  Read Replies (1) of 149317
 
It was the repeal of Glass Steagall in 1999 that drove the financial crisis.. Fannie, Freddie and the CRA had been in place a very long time before the 2000's. . Reposting this from another thread.. Message 29708001

That repeal had its effect too..........but that was only the tip of the iceberg. It was the body of the iceberg that brought this country down..............the major breaking of laws.........appraisals were fudged, bad credit reports were ignored or doctored, questionable loans were the rule of the day......that was on the banker/realtor side. On the Wall Street side, they were coming up with financial derivatives that hid the bad loans in the middle of a few good loans. It was the equivalent of giving someone a stack of money, claiming they are all $1000 bills when only the top and bottom few are legitimate $1000 bills while the rest were bogus bills made in someone's basement.

The bankers, realtors and Wall Streeters were pulling these stunts because no one in the Bush administration was watching.
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