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

To: RMF who wrote (30645)	12/22/2008 11:00:42 PM
From: longnshort	2 Recommendations Read Replies (1) \| Respond to of 71588

Yeah Just like FDR's Ponzi scam Social Security. That's where guys like Madoff learn it.

To: RMF who wrote (30645)	12/23/2008 8:40:55 AM
From: Peter Dierks	Read Replies (1) \| Respond to of 71588

The Carter era Community Reinvestment Act was beefed up at the insistence of Chuck Rangle and other democrats in 1999 as the price of passing another piece of legislation. The 1999 legislation authorized NINJA aka LIAR loans. Competing in the mortgage market required competing with others who actively pursued NINJA loans. Multiple Republicans tried to get the worst offenders regulated. Democrats who were the primary beneficiaries of Fannie and Freddie largess resisted and blocked reform.

To: RMF who wrote (30645)	12/23/2008 10:02:47 AM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 71588

Re: "In BOTH cases they KNEW it wasn't going to go on forever" Doesn't matter from the point-of-view or the executives at the I-banks or Money Center Banks --- once their huge bonuses are paid to them it's theirs to KEEP. Doesn't matter if an entire decades posted 'earnings' (upon which the bonus are supposedly based) later get restated into losses --- once the bonuses are paid their is no claw-back. Which goes a long way to explain the constant APPEAL of aggressive financial practices!