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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (30610)	12/22/2008 11:50:31 PM
From: RMF	Read Replies (1) \| Respond to of 71588

Yeah, but without the derivatives they would never have been able to pawn off all that lousy paper to others. If the banks and mortgage companies that made those lousy loans had had to hold them themselves they wouldn't have just given them out like "pez" from their despensers. The derivatives were the "insurance" that got others to take on that lousy paper. I blame the Republicans for "deregulation" and "borrow and spend". BOTH of those have been the mantra of the Republican Party since 1980. You talk about Fannie and Freddie and CRA as if THAT'S why banks made ALL those lousy loans. If the banks had made those loans and LOST money I'd agree with you, but as far as I can tell the banks made a KILLING off their loans.