Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (467413)	2/9/2021 6:56:34 PM
From: Cautious_Optimist	1 Recommendation Recommended By TigerPaw Read Replies (1) \| Respond to of 540912

The Big short, 2011, about the financial crises that Obama had to deal with.I thought I was losing my mind for a second. It wasn't a book ON Obama, It was ABOUT Obama. Koan I take no joy arguing this. Because your heart is, as usual, in the right place. Did you read the book? The Big Short was 99% about the leadup that happened for example the hazardous repeal of Glass-Steagall thanks to Republicans' Gramm-Leach-Bliley 'Financial Modernization Act of 1999 (with Clinton42's signature based on some concessions); It was Bush43 where the subprime mortgages exploded and The Big Short took place. Silicon Investor was all over it during this period. The CDO's... The credit default swaps... The collusion of Wall Street ratings agencies and bond issuers... Preceded by greed and madness of property owners with bad credit constantly refinancing into the bubble, loan brokers, appraisers and plenty of real estate "professionals." Of course it took a book to explain it; I can't do it justice here. Mortgage derivatives were created back in 1986. While Lewis commented about Obama's handling AFTER The Big Short was over; Obama was not a main theme. And while we may have wished Obama had locked the bankers up and some here said "nationalize the banks;" tying the Big Short to Obama is the Republican history-bending narrative.